Yeah, I know: Just because this bullion trading-vehicle is threatening to bore us all to death is no reason to take our eyes off the ball. Let’s not get fancy, though. I’ll suggest using the pattern shown to stay a step ahead of potentially tradable turns. The fact that the futures bounced precisely from p2 is a tentatively bullish sign insofar as they failed to reach the D target. But it would take a further move surpassing 1215.50 to the upside today to suggest that buyers have any guts. If not and the August contract relapses, expect it to fall to exactly 1205.30. You can bottom-fish there aggressively, stop 1204.90, if you’ve made a few bucks being short on the way down. _______ UPDATE (June 3, 9:15 a.m. EDT): Utterly meaningless, seasonally maladjusted payroll figures released this morning have caused gold to leap by $30 so far. The numbers were downbeat relative to what bozo-dom had been expecting. This evidently drove Fed-obsessed buying, since the summer tightening that had been expected has now supposedly been cast into doubt. In fact, and as we all know, the tightening story will be back in force next week, giving the stock market yet more reasons to act in a way that should cause embarrassment to all of us.
