Having broken a pennant support that traces back to February, August Gold now appears bound for a minimum 1216.60, based on the Hidden Pivot pattern shown. This would be a downpayment on an 1141.00 target that I’d said last week was in play. Because it comes from a continuous chart, that number may not work out precisely, However, it is nonetheless a technically viable price objective, even if 1216.60 should still be regarded as a good place to attempt tightly stopped bottom-fishing. _______ UPDATE (June 3, 1:56 a.m. ET): A drop to 1216.60 in the week ahead still looks no worse than an even bet, but if the flow is up today we should try to take advantage of it. Notice in the 5-minute chart shown that there are a couple of small peaks recorded on the way down yesterday. Each can be used to get long on a small pullback from just above, much in the way shown in the chart accompanying today’s Silver tout. _______ UPDATE (June 4, 1:14 a.m. ET): Feeble buying yesterday — but so was the selling. No change in my outlook: lower prices are likely. _______ UPDATE (June 5, 11:57 p.m.): This rally could hit 1264.60, or 1266.40 if any higher over the near term, but first the futures must take out the midpoints pivots associated with those targets. They lie, respectively, at 1257.40 and 1258.30. Any easy move through them would be an encouraging sign. _______ UPDATE (June 10, 11:03 p.m.): A shaky rally is targeted on a minor Hidden Pivot at 1262.70, but the futures will first have to break decisively above its sibling midpoint resistance at 1254.20.
