GCQ11 – August Gold (Last:1529.50)

August Gold (GCQ11) price chart with targetsDueling impulse legs from Wednesday predicted yesterday’s dirge, but you can look for a pop today to at least 1541.80 if buyers resolve to budge this thing. The somewhat unintuitive pattern is shown in the chart. Camouflageurs may need to burrow all the way down to the 1-minute chart to find an entry spot, since it has already been signaled on the larger pattern. _______ UPDATE (11:32 a.m. EDT):  The futures have rallied so far to 1543.00, coming within two ticks on an alternative target that uses the 1511.40 lowermost ‘A’ available on the hourly chart.  There should be a stall here, but if not, the futures will be announcing that they’re ready to take on an hourly peak at 1555.00 recorded June 6 that has stymied bulls since.