Yes, I know, you only want to hear the good news where gold is concerned. It will be difficult to find on a day when Comex Gold was up a paltry $14 as fears over Greece’s capitulation sent Asian, then European stocks into a nosedive. Be that as it may, the ‘good’ news is this: Two uptrends, both shown in the chart, remain intact. Since the lesser of the two yields a more realistic target, I’ll focus on it alone. The target is 1251.10, and its accuracy and reliability have been confirmed by the precise pullback from the midpoint pivot at 1206.60. Since the downward reversal did not exceed the pattern’s point ‘C’ low, the target itself is still in play. Of course, the futures will have to exceed 1206.60 decisively (i.e., by at least $6 to $8) to make further upside to 1251.10 an odds-on bet. Since a conventional entry has already been triggered at x=1184.40, the futures are theoretically a buy. But I would attempt this only via ‘camouflage,’ since the odds will not be in bulls’ favor until 1206.60 has been impaled. Thereafter, you could buy at that number ‘mechanically’ on a pullback that meets our criteria. If I’m in the chat room when this occurs, please don’t hesitate to ask for real-time guidance. ______ UPDATE (June 30, 10:34 p.m. EDT): And down we go. However, the futures would need to fall beneath March 20’s 1143.80 low to negate the bullish potential of the impulsive rally that occurred between then and mid-May. More immediately, the August contract ended the day on a moderate upswing with potential to 1183.30. First, though, buyers would need to push decisively past the 1176.80 midpoint resistance associated with that target.
