GCM10 – Comex June Gold (Last:1229.20)

Comex June Gold (GCM10) Price ChartBuyers took out the 1243.10 rally target without much effort, implying they’ll soon be back for more. Potential over the near tern — in this case, meaning the next 3-5 days — is 1286.30, a Hidden Pivot resistance that comes from the daily chart.  More immediately, the futures appeared to be struggling to reach a 1230.70 retracement target after having penetrated its midpoint sibling 1236.00. You can bottom-fish with a 1230.30 stop-loss if the opportunity should arise. ______ UPDATE (1:28 a.m. EDT): The futures have exceeded the minor support at 1230.70 and now look bound for a somewhat more important one at 1226.80 (5m chart, A=1249.10 on May 12).  Since they are rallying from 1227.50, however, we may have seen the lows for this correction.  A bullish turnaround would be corroborated by a print at 1235.40, which would create a bullish impulse leg on the five-minute chart.