GCM10 – Comex June Gold (Last:1129.10)

Although the futures failed to reach our bullish benchmark at 1142.40, they made constructive headway nonetheless by refreshing the uptrend on the hourly chart.  This was accomplished via a thrust above the 1128.10 peak recorded March 19 on the way down, and it created a bullish target at 1136.00.  Buyers have yet to push the futures above that number’s sibling midpoint, 1128.40, but when they do, we should infer more upside to at least 1136.00 over the near term.  That would be especially welcome, since it would eclipse a moderately important peak at 1135.00 recorded on St. Patrick’s Day. _______ UPDATE (Monday night):  Buyers spiked the futures to 1134.30 during the day session, leaving the 1136.00 target in play theoretically even if it is no longer tradable. It is mildly negative that the intraday peak failed to get past St. Patrick’s Day’s 1135.00 high.