Because Wednesday’s FOMC meeting announcement is unlikely to add anything new to current perceptions that the Fed ‘might’ tighten by September — yeah, sure — we might expect gold’s tightly impacted downtrend to continue, perhaps with an exaggerated feint lower when the ostensible ‘news’ hits the tape. If this is the way things play out, we can use the 1296.70 Hidden Pivot shown as a worst-case downside target for the near term. Regardless, the secondary pivot at 1306.00 is so well placed that I’ll recommend bottom-fishing there with a 1306.10 bid and a stop-loss as tight as three ticks. Traders familiar with the ‘camouflage’ entry technique can try to improve their odds by looking for a reversal from near p2 on charts of three-minute degree or less.
