August Gold has pinged the 1299.10 midpoint Hidden Pivot twice (see inset) , implying that the pattern shown can be used confidently for purposes of targeting and trading this vehicle. I have no crystal ball, and there can be no guarantees that the futures will get past the pivot. But if and when they do, the 1464.80 ‘D’ target will be in play. Moreover, it would become no worse than an even-odds bet to be reached if the first thrust to exceed it does so decisively, especially by closing above it. Alternatively, a competing but lesser downtrending abc pattern must be respected. It implies that the Auggies could fall to 1194.40 over the next 3-4 weeks in search of a foothold. A decisive breach of that ‘hidden’ support would open a path to as low as 1088.40 by mid-to-late July. ________ UPDATE (Jun 13, 9:01 a.m.): More immediately, August Gold looks like it will fall to exactly 1259.10 before it can turn around. On the 15-minute chart, you can locate the target using these coordinates: A=1277.20 on 6/9 at 8:45 a.m.; B=1265.60 on 6/12 at 9:15 a.m. Notice the precise bounce from p yesterday, and how it set up a ‘mechanical’ short from x=1267.80.
