Gold’s price action has a nasty way of stressing Hidden Pivot supports to-the-max before the futures turn higher, so we shouldn’t take the current ordeal too seriously until such time as 1272.50 is impulsively exceeded to the downside (see inset). Otherwise, the weekly chart will remain bullish, with upside potential on the next thrust to as high as 1453.00. A lesser ABC pattern at the rightmost edge of the chart is also bullish and needs but a two-day close above 1353.70 to energize buyers for a more sustained push. This is as simplified an analysis as I can offer, and you should familiarize yourself with the relevant price points if you want to be on top of any movement up or down that truly matters.
