Today’s commentary describes how Friday’s fright-mask dive took gold down to within a few ticks of a short-term Hidden Pivot support before the trend reversed sharply. This revived a 1597.80 rally target that’s getting a little stale, although it remains theoretically viable. So that we don’t get lost in the trees, let’s dispense with the little stuff and assume August Gold is on its way to at least 1652.00 if and when it moves decisively above 1600. Since there are no look-to-the-left peaks, or peaks “along the wall” that we can use to signal the creation of new impulse legs, we’ll have to make do with whatever pops up most immediately on the three- and five-minute charts. Even then, usable camouflage entry signals are best inferred, not from the bars of an extended uptrend (see chart), but from spiky or sideways corrective phases.
