GCQ11 – August Gold (Last:1584.90)

August Gold (GCQ11) price chart with targetsTraders should pay close heed at 1576.50, a Hidden Pivot resistance with potential stopping power that went overlooked and unmentioned in yesterday’s tout.  Since it closely coincides with early May’s all-time high at 1577.70, there’s apt to be daunting resistance at that level. Once above it, however, the futures will become and odds-on bet to reach a minimum 1595.60 without a struggle.  The origin of that Hidden Pivot is shown in the 240-minute chart (inset). _______ UPDATE (10:39 a.m. EDT): The futures stalled for three hours a few ticks beneath 1576.90, then ratcheted higher. The overnight price action has created a secondary target at 1597.60 with a 1581.10 midpoint. That fact that this last number has been easily exceeded bodes well for both of the unachieved, short-term rally targets remaining.