Gold began the day with a promising rally, but it ultimately went nowhere. Instead, a second-wind thrust failed, giving way to the correction pattern shown. It pointed to a minimum 1089.10, a Hidden Pivot support that you can bottom-fish with a 1089.20 bid and a stop-loss as tight as 1088.90. If it’s hit, rinse and repeat at 1085.00, the D target of the downtrending pattern. The hourly chart remains bullish, by the way, with short-term upside potential to 1115.70. (a=1076.40 on July 24 at 8:00 a.m. EDT). That’s a Hidden Pivot, and a move to it would become an odds-on bet if the futures exceed 1101.70 by at least 3.50 points. ______ UPDATE (July 28, 8:32 p.m. EDT): The 1115.70 target is still viable in theory, although the energy needed to reach it was undetectable during yesterday’s dirge. If the futures should surprise with a push above p=1101.70, night owls can use this as a trigger to get long. A ‘mechanical’ trade on a pullback to p would require a stop-loss at 1099.30.
