GCQ10 – August Gold (Last:1185.20)

August Gold (GCQ10) price chart with targetsAssuming 1186.60 is not exceeded to the upside first, the minor downtrend shown in the  chart points to at least 1180.90, a midpoint support, or to 1175.20 if any lower. The latter number is just a dime above Tuesday’s presumably supportive low, and so it has little value for trading. However, if it is breached by more than 60 cents, or if the futures close below it, that would strengthen the case for more downside to at least 1140.10, a Hidden Pivot target drum-rolled here earlier. ______ UPDATE (11:32 a.m. EDT) :  Saved — for now — by the midpoint pivot!  The futures fell to exactly 1180.70, two ticks from the support, then turned energetically higher.  The nearly $22 rally has given Gold some breathing room, but it would need to go $7 higher to qualify as impulsively bullish on the 30-minute chart.