I’d like to be more encouraging, but the unavoidable fact is that gold futures look like hell right now. Notice that although the 1587.10 rally target is still valid because the point C low remains intact, buyers have been unable to muster the $3 thrust it would take to get there after nearly three days of trying. Further evidence of weakness is found in the failure of subtle camouflage opportunities to bear fruit. Bottom line: There is no compelling reason to be trading this vehicle at the moment. If you can’t resist, I’d suggest using 1587.10 as a price objective and the 30-minute chart for locating a promising impulse leg.
