Gold’s evident intentions are not rocket science, as the chart makes clear. The June contract has been on its way to 1325.20 for a week. So what’s taking it so long to get there? Hard to say, although someone mentioned in the chat room that the usual suspects dumped $2.3 billion worth of futures contracts the other day, just when the Junes appeared ready to vault a key resistance at 1291.75. The target remains viable nonetheless, provided sellers don’t deliver any body blows today or tomorrow. Mechanical set-ups can be used to buy pullbacks to x, p or p2, but I’d suggest chopping risk down to size by employing ‘camouflage’ entry set-ups on the three-minute chart or less. ________ UPDATE (6:28 p.m. EDT): Zzzzzzzz. No change. I’d suggest a mechanical buy down at the green line but for the fact that it wouldn’t have been worth the stress visited on you so far. Camouflage is the best way to get aboard under the circumstances, but even then, a good entry could leave you waiting for another three days for the payoff.
