Gold struggled to move in either direction yesterday but left unchanged a bullish picture that projects to 1238.90. The June contact can be bought ‘mechanically’ at 1208.50, stop 1198.50, but the implied $1000 entry risk can be reduced to a theoretical $40 or so by using the ‘camouflage’ technique. On the 3-minute chart, a possible opportunity was setting up that could suit our needs. The point ‘C’ low of the pattern is as yet unformed, but a BC-type pullback from the so-far high at 1211.20 could be the ticket, since the tiny AB rally is genuinely impulsive. Check out the chart for more-detailed guidance, but don’t hesitate to improvise if the picture should change via a lower point ‘C’.
