June Gold found support last week exactly where it should have if bulls are about to turn things around. Thursday’s low came within two ticks of the 1244.80 target of the corrective pattern shown, and although the bounce from that Hidden Pivot was not very impressive, it left buyers in good shape to defy gravity when trading resumes on Sunday night. They can breathe a sigh of relief if and when the rally gets past 1277.30, equal to a small peak made Wednesday on the way down. If the effort falls short, however, the relapse could send the futures groping for support in the range 1217-1230, where a thick band of consolidation took shape in April. Most immediately, there is support from a rising trendline noted here earlier. The trendline has an upward slope of about 70 cents per day and comes in at around 1230.20 on Monday, 1230.90 on Tuesday and 1231.60 on Wednesday.
