June Gold has been struggling too hard to inspire much confidence in the short-term picture. For one, it has so far failed to reach a 1536.30 rally target that should have been a piece of cake. And for two, most of this week’s gyrations have been just south of a 1528.70 midpoint (see chart) that is crucial to the short-term outlook. A close above it would likely send the futures on their way to the 1594.90 target broached here earlier, but if the heaviness of the last few days persists into week’s end, traders could take the path of least resistance and drive this vehicle lower come Monday. Meanwhile, the most bullish thing that could be said of this week’s rally is that it exceeded the 1526.80 peak from May 11, creating a solid impulse leg on the hourly chart. However, the next thrust will need to clear another, mentioned earlier, at 1543.50 to reinvigorate buyers.
