August Gold ended the week with two consecutive days of banging on the 1253.20 Hidden Pivot support shown. There was scarcely a bounce during the process, and so, barring any world-shaking news Sunday night, we should expect the futures to continue down to at least 1247.80 over the near term, or to 1245.90 if any lower. The mere existence of alternative targets is telling us that any bottom-fishing opportunities just beneath these levels will not be of the highest quality. However, if you don’t mind doing a little work, you may be able to get aboard using ‘camouflage’ for as little as 3-4 ticks of theoretical entry risk. Please note that the big picture remains bullish, with a 1464.80 target.
