As of around 8:20 p.m. EDT, Brexit jitters were evidently still with us. Gold futures are registering second thoughts about the outcome of today’s election with a timid $10 rally that would seek to straddle the bet. The move is not yet bullishly impulsive on the hourly chart but would become so with a print at 1275.00, just $1.30 above the so-far high of this bounce. At that point, we might infer that gold had sniffed out a vote favoring exit, although I hesitate to tell you how to play this forward as a trade. Nevertheless, a bc-type pullback from just above peak #2 (see inset) could set up a camouflage entry opportunity. Given the circumstances, even that tactic might not be sufficient to hold the initial risk down to the nickel-and-dime level we prefer.
