I’ve switched to the December contract, displaying enough price bars to temper even the permabull’s overripe enthusiasm for gold at the moment. Not that there’s much cause for worry, either. For in fact, the picture is so utterly hum-drum, with repeated, gratuitous swings of nearly $100, that it cannot but prepare you for more hypnotic, meaningless price action. We’ll have mild reason to perk up if the current rally shreds its way past the 1290.00 ‘external’ peak that I’ve labeled, but until then I can only suggest that you get back to your nap and enjoy a good snooze._______ UPDATE (Aug 2, 11:54 p.m. EDT): If the futures haven’t rallied above 1270.30 overnight, look for more slippage to at least 1262.30 in the early going. A breach of that minor Hidden Pivot support would send them even lower — to as low as 1254.20 over the near term if the selling turns strident.
