Geopolitical tension, of all things, has reversed a downtrend that threatened to bring August Gold down to 1221. Now, you can see a larger, bullish pattern that I once favored, being bent back into serviceability by the rally that has unfolded over the last two weeks. It would trip a ‘buy’ signal of major degree at 1291.40, but I wouldn’t break out the bubbly until such time as the 1342.60 ‘midpoint Hidden Pivot’ has been exceeded by at least a few dollars. That would put a 1445.00 target well in play — the most optimistic number I’ve been able to broach here in a long while.
