Hawk-eyed Pivoteers who scrutinized the chart displayed here yesterday may have noticed that the overnight retracement that primed gold for Monday’s strong rally did not quite pull back into the correction window. This means that the bullish impulse leg begun from last Thursday’s low at 1179.40 is still technically intact and lacking a b-c leg so far. This is of course bullish — potentially very bullish — but we’ll need to see how the corrective phase plays out to get an accurate read. Camouflageurs, please note: If things should develop as shown, the ‘x’ trigger could yield a stellar buying opportunity. ______ UPDATE (July 2, 7:12 p.m. EDT): Today’s commentary notes that the $14 selloff did not diminish the bullish look of the 240-minute chart shown. In fact, the pullback is now sufficient for us to consider the August contract sufficiently recharged for a thrust to as high as 1319.80. Pivoteers will recognize that that target will remain valid only if Tuesday’s 1238.80 low endures. It might not, but I’ve refreshed the chart so that you can see nonetheless the pattern that is driving the buying.
