Earlier, I identified a correction target at 1257.80 that remains viable as a place to try tightly stopped bottom-fishing if demand for gold is soft in the days ahead. However, I also want to give you a bigger, bullish picture (see inset) in case the futures move higher this week without deferring to our bid. The buy signal would be tripped on a print at 1299.90, and I would encourage you to look for ‘camouflage’ entry opportunities on the lesser charts if that should happen. Thereafter, my minimum upside target would be 1326.30, the midpoint p pivot; and thereafter, assuming the midpoint is decisively breached, the 1379.20 D target shown. This is all quite speculative, since, unless we are focused on the very lesser charts round-the-clock, we cannot know exactly when the futures are taking off. _______ UPDATE (Sep 2, 10:54 p.m.): I’ve adjusted the rally target and key price points to reflect the marginally lower point ‘C’ created on the weekly chart by yesterday’s selloff. At present, the 1316.00 midpoint pivot is the number to beat.
