As noted in the chat room after Thursday’s close, August Gold looks to be consolidating for a thrust to 1327.00 now that the rally has exceeded the crystal-clear target of a lesser pattern at 1288.50 (see inset). Night owls looking for ‘camo’ entry opportunities should use the 1289.00 trigger of the pattern shown (60-min: A=1246.10 at 2:00 p.m. on 7/10, where p=1301.70). The purple ABC coordinates show this. ______ UPDATE (July 18, 12:30 p.m. EDT): Yesterday’s nasty reversal, triggered by more intelligence-insulting blather from Fed PR-meister HeliBen, left our rally target intact, but it also generated a bearish impulse leg on the hourly chart (see inset) that bears watching. The b-c follow-through has yet to develop, but if the resulting pattern reaches or exceeds its D target, be prepared to reef the sails. _______ UPDATE (July 19, 1:23 a.m.): It would be quite bullish if August Gold were to push above Wednesday’s 1299.70 peak without having touched the 1278.70 midpoint correction target of the pattern shown.
