Thursday’s gold trading gave us a compelling target at 1647.50, but there is a good chance that the bears will drive the futures below that level while Bernanke is speaking, irrespective of what he says. Pivoteers can easily find the pattern on the hourly chart beginning at 1666.70 (the ‘A’ point). Perhaps the big question is whether the sellers will be able to take out the prominent prior low at 1636.30. Traders should try to get long if and when the futures reach an extreme short-term oversold condition during Bernanke’s speech, which starts at 10:00am Eastern time. (Posted by Doug “harry” McLagan)
