Bottom-Fishing in Gold

The low of yesterday’s selloff came within $6 of an exact 50% retracement of the 2008-11 bull market. Under the circumstances, we’ll be looking aggressively for ‘camouflage’ opportunities to get long.  Night owls should check out the chart accompanying today’s tout for June Gold, since it highlights a series of ‘external’ peaks that could prove useful for this task. Keep in mind that tradable micro-patterns used for camo should implicitly promise to keep theoretical entry risk down to no more than 3-4 ticks per contract.