GCQ10 – August Gold (Last:1164.40)

August Gold (GCQ10) price chart with targetsUnless the futures pop above a look-to-the-left peak at 1168.40 today, they should be presumed on-track to achieve the 1140.10 Hidden Pivot we’ve been using as a correction target. As of Wednesday’s regular-session close, however, a weak bounce from an 1155.00 pivot was seemingly limited by an HP resistance at 1166.50.  Please note that if and when 1140.10 is reached, it can be bottom-fished with as tight a stop-loss as you can handle. A camouflage entry is preferred, however, and Pivoteers should start looking for such an opportunity on the 3-minute chart when the August contract reaches 1142.50 on the way down. _______ UPDATE (10:05 aa.m. EDT):  This morning’s rally was rubbish. The fact that it achieved the bullish benchmark we’d set only means that we set the bar too low This is not an obscure technical point, but rather something that can be confirmed by technician and non-technician alike simply by looking at the 60-minute chart.