Today’s chart offers a minimalist perspective, since gold shows little inclination to do anything interesting, let alone gratifying. Assuming today is another yawner, we can gauge what buying power exists by using the pattern shown. With a modest target at 1330.00, the futures have already tripped a mechanical buy signal on the pullback to the green line. Yet another potential ‘buy’ signal remains at the secondary pivot (i.e. the pink line) if it is exceeded by perhaps 0.40-0.60 before the futures pull back. This is little stuff, although it’s always possible that for risking just 1.20 theoretical to get long at the green line, we could be on board when the futures reach escape velocity for a shot at 1442.50. That’s the ambitious D target of this pattern on the daily chart: A=1259.10 (6/24); B=1384.40 (7/6); C=1317.20.
