In the update to yesterday’s tout I predicted sloppy price action for months to come. I’m tempted to say it will have a bearish bias, but because we know that a dire financial crisis could bubble up at any moment, we shouldn’t give up on gold. Trouble is, the crisis could be deflationary — say, an unexpected bank holiday — and that would likely send bullion quotes, along with prices for nearly everything else, plummeting.
In any case, and most immediately, I would suggest using the midpoint pivot of the pattern shown to initiate a trade — a short, perhaps, if on a downtrending abc following a breach of the support. Point ‘C’ had yet to form as of around 7 p.m. EDT, but the pattern already looks clear enough to suggest its possible usefulness.