GCQ10 – August Gold (Last:1163.00)

I’ve drum-rolled the 1140.10 target in today’s commentary, although it is old-hat for paid subscribers. The pattern that yields that price is sufficiently well-formed to suggest that it will be hard for the futures to avoid making a tradable turn from somewhere close to the pivot. (Also keep in mind the yesterday’s low was close enough to a lesser support at 1155.00 to warrant our close attention.)  In any event, a camouflage long-entry is preferred over putting up a bid at, say, 1140.30 and tying it to a tight stop-loss of perhaps $1-$2. In practice, this will mean buy-stopping a point ‘X’ entry signal on one of the very lesser (i.e., 3-minute) charts.