GCQ11 – August Gold (Last:1516.40)

Yesterday’s moderate selloff exceeded the respective ‘D’ targets of several minor patterns, leaving but one for Tuesday:  1507.00.  Its somewhat obscure provenance is shown in the chart, but if this Hidden Pivot is exceeded today, our focus would shift to the 1498.80 midpoint of a larger pattern (A=1576.50 on May 2, hourly chart). That’s an important number, since a two-day close beneath it could spell more weakness in the days ahead to as low as 1442.60.  Alternatively,  it would take a print at 1538.10 to turn the hourly chart bullish again.