GCM11 – June Gold (Last:1516.70)

June Gold (GCM11) price chart with targetsThe recent high at 1577.40 came close enough to a 1581.20 Hidden Pivot target I’d flagged as important that we should be extra careful for a while, lest we be caught off-guard by an air-pocket or weakness that gains in momentum. In practice, and as always, this will entail closely monitoring the ‘p’ midpoints and ‘d’ targets of minor uptrends and downtrends. Most immediately, this implies that the futures must hold above, and rally strongly from, the 1521.60 midpoint support of the pattern shown.  Any lower, especially on a closing basis, would be telegraphing more downside over the near term to at least 1491.80, the midpoint’s ‘d’ sibling. ______ UPDATE (2:37 p.m. EDT):  The 1491.80 downside target is still my minimum objective for this correction.  I’ve also suggested using camouflage to short any rally to 1521.60, its midpoint sibling.