Today’s selling should have gone no lower than 1322.70 if the dirge begun on July 6 from a peak at 1384.40 is about to end. Instead, the breach of that Hidden Pivot support portends yet more slippage, presumably below some ‘structural’ supports beginning with the one at 1314.80 recorded on June 28, when the futures pulled back sharply from their Brexit spike. This would pose no great threat to the larger, bullish trend that has obtained since January, but it should put bulls in a cautionary frame of mind for the week ahead. The possible resumption of the bull market would be signaled thereupon by a booster-stage rally of at least $32.00. That would signal the possible beginning of a move with the potential to push gold above $1400 for the first time since 2012.
