GCQ11 – August Gold (Last:1511.60)

The futures have lifted off a key, 1503.10 midpoint support, but that doesn’t mean they’re out of trouble. In fact, at yesterday’s 1513.80 high, they were no farther above the pivot than they were below it at Monday’s lows.  Be that as it may, we can still use the 1516.50 target of the pattern shown as a minimum upside objective for today.  Beware, however, of a more-than-minor top there, since the pullback from Wednesday’s peak somewhat exceeded the 1510.10 midpoint of the rally pattern.  Looking at a somewhat bigger picture, it would take a pop today above the 1526.50 peak recorded a week ago for bulls to get something serious going.