The bullish pattern shown has a lot of things going for it. The bad news is that if it fails to propel the futures to the 20.995 target on Friday and instead heads lower, more weakness would become likely next week. Like December gold, a pullback to the green line is technically a ‘mechanical’ buy. However, if it doesn’t pan out, we should expect the weakness to continue down to the 19.300 Hidden Pivot support. A breach of this level, or even worse a closed beneath it, would imply that sellers are not yet done. ______ UPDATE (August 15, 7:12 p.m. EDT): Bull are running out of time and room for a push to 20.995, although the target will remain valid in theory until such time as C=19.515 is breached to the downside.
