August Gold pulled back Thursday after rallying marginally above the regular-session high, but not before it had exceeded some ‘external’ peaks recorded in mid-July. This should serve to refresh the bullish energy of the intraday charts. It also increased the odds that the move off recent lows around 1310 is the booster stage of a moon shot to the 1418.00 target shown. That target will be in-the-bag, as far as I’m concerned, if and when buyers push this vehicle above the pattern’s ‘midpoint Hidden Pivot’ at 1363.10. More immediately, a thrust on Friday exceeding the 1341.30 midpoint pivot of the smaller pattern at the rightmost edge of the chart would be the first strong sign that bulls have bigger things in mind. (Note: I’ll transition shortly to the December contract. For your information, the corresponding Hidden Pivot levels in the hourly chart shown are as follows: p=1369.70; p2=1397.20; and D=1424.60.)
