GCM10 – Comex June Gold (Last:1216.70)

As of around 4 a.m., gold was all over the place but trending gently higher nonetheless.   Earlier in the day, the futures made a tentative bottom at 1206.00, just $1.50 above the 1204.50 pivot flagged in a tout update intraday. We’ll continue to use 1230.20 as a bullish trigger on the lesser charts, since a print there would create a minor but trustworthy impulse leg.  More immediately, the minor trend projected to 1217.20, but any overshoot would portend still more easy upside for the bulls. ______ UPDATE (12:16 p.m. EDT): Perhaps the selling is over for a  while, since the futures have bottomed a dime off the low of the following, now-obvious, pattern from the 30-minute chart:  A=1249.70, B=1206.60, C=1229.60 and D=1186.50.