GCM13 – June Gold (Last:1413.20)

A 1405.60 downside target noted here earlier is close to being achieved.  Traders can try bottom-fishing there via camouflage, but if you’d prefer the lazy man’s approach, a straight bid at 1405.60 can be used for a single contract, stop 1405.20.  If the stop is hit, expect more downside to at least 1390.80, another Hidden Pivot support you can use to get long speculatively. ________ UPDATE (9:19 a.m. EDT): Gold turned higher from 1404.60, a point below our target.  On the 1-minute chart, the first valid camo entry signal came at 1410.90 (9:02 a.m.), but the futures have turned surly since after failing to reach the pattern’s 1413.40 target before dipping below ‘C.’  If you had done this trade by-the-book, you’d be out now with a small profit.  _______ UPDATE (11:51 a.m.): Gold has relapsed to a so-far low at 1389.00, affirming an even lower, longstanding target at 1350.  Regarding the relapse to the lower target given above, it was anticipated in the chat room via thefollowing post at 9:30 a.m.: My hunch is that Gold’s nastiness [this morning] portends more slippage to 1390.80 over the near term.