GCQ12 – August Gold (Last:1623.40)

The futures have opened Sunday evening with a downward lurch, creating a bearish impulse leg on the hourly chart while denying us an opportunity to try shorting the modest, 1653.30 rally target given here earlier.  Caution is the watchword for now, since my intermediate-term outlook is bearish and a $70 plunge could come at any time.  Be that as it may, bulls will have a chance to salvage the day at the still undetermined ‘p’ midpoint of the developing pattern shown. Pivoteers are encouraged to give it a try, bottom-fishing there with a stop-loss as tight as three ticks, if a picture-perfect opportunity takes shape. _______ UPDATE (11:19 a.m. EDT):  The futures took a $10 bounce, hypothetically worth as much as $1000 per contract, from the exact, 1617.60 midpoint support of the pattern shown.  If you are still long a piece of the original position and let me know in the chat room, I’ll establish a two-contract tracking position for your further guidance.