GCQ11 – August Gold (Last:1546.50)

August Gold (GCQ11) price chart with targetsThe nearest short-term resistance lies at 1556.50, a Hidden Pivot that can serve a our minimum upside target for the now.  Shortly after midnight, camouflage was difficult to come by, since the seemingly enticing pattern shown lacks an adequate b-c pullback as well as a single-bar ‘C’.  Please note the 1595.60 target of a larger pattern going back to April 12 remains viable. (It’s equivalent to the 1594.90 target given here earlier for the June contract.) Its midpoint ‘p’ sibling lies at 1529.80 — the exact low of Friday’s target-affirming pullback.