GCQ10 – August Gold (Last:1259.90)

Hidden Pivot forces appear to be properly aligned for a promised push to 1272.60.  For starters, a minor ABC rally that took the futures somewhat above the  magically resistant 1250.30 slightly overshot its target, 1258.10. Adding to the bullish picture is the fact that the retracement so far is shallow, having created no bearish impulse legs so far even on the 5-minute chart. _______ UPDATE (2:48 a.m. EDT):  The correction went “impulsive” late Thursday night with an abc pattern that projected as low as 1240.20.  If the still-dominant uptrend is eventually to prevail, however, the pullback should go no further than 1243.50, the c-d midpoint. Worst case low if bears should hijack the London fix would be 1237.10, a Hidden Pivot that could be bottom-fished with a stop-loss as tight as three ticks. _______ FURTHER UPDATE (11:04 a.. EDT):  Sweet! The futures bottomed overnight at 1243.10 as they should have, just a few ticks below the midpoint support.  A stop-loss as tight as 50 cents would have worked, so I hope you were able to climb aboard. The rally that followed just before dawn was swift and powerful.