I’ve used three sharp coordinates on the hourly chart to project a possible short-term bottom at 1191.10, a Hidden Pivot target first broached in the chat room last week. June Gold would need to rally above 1223.00 for bulls to turn things around, but barring that, 1212.85 would trip a theoretical ‘mechanical’ short, stop 1220.20, for a ride down to 1191.10. A ‘camouflage’ modification is suggested, since the hourly chart would become bullishly impulsive with a print at 1215.00. ______ UPDATE (May 31, 8:20 p.m.): Herky-jerky spasms have generated some minor, bullish impulse legs on the hourly chart that are potentially tradable. The 1191.10 downside target remains viable nonetheless, but it can be put aside if the futures push above 1223.20. That’s equal to a peak on the hourly chart recorded last Friday on the way down, and a subtle bc-type pullback from just above it could set up a ‘camouflage’ entry opportunity for traders looking to get aboard. _______ UPDATE (June 1, 10:15 p.m. EDT): The futures have a hacking cough, but it doesn’t seem serious enough yet to be lung cancer. Wednesday’s ups and downs occurred between the Hidden Pivot levels of two minor, bearish patterns, and there is therefore little point in attempting to make something of it. Let’s see what Thursday brings.
