GCQ11 – August Gold (Last:1505.30)

A so-far three-day downtrend has paused to play toe-sies with the 1502.50 midpoint of a corrective pattern projecting to exactly 1478.70. A counterthrust Sunday night exceeding 1511.50 would give bulls a small edge, but otherwise you should use 1478.70 as a minimum downside objective for the near term. That number can be bottom-fished with a stop-loss as tight as four ticks.  Interested in learning how we identify “Hidden Pivot” reversal points?  Ask experienced traders yourself by visiting the 24/7 Rick’s Picks chat room. Click here for a free seven-day pass.