Thursday’s modest rally deserves the benefit of the doubt, since it surpassed the midpoint Hidden Pivot resistance of the minor, bullish pattern shown. It projects to 1282.90, but it would take a decisive move past that number to suggest that buyers have the gumption to keep the rally going. If they do, that would take the futures up to at least 1293.80, where they would face the same test that they passed this morning with their subdued upthrust. _______ UPDATE (Aug 4, 10:58 a.m. EDT): And down we go again — a nasty, out-of-nowhere $15 selloff for no ‘good’ reason. From the chat room, here’s a note I posted moments ago for those who may have grown weary of gold’s increasingly frustrating behavior: “Gold rarely fails to disappoint, Giovanni. Re-read the last half-dozen or so gold touts in the archive for perspective. I try to cast gold in the most positive light possible, but without implying that it’s about to ‘do something’. It’s not, and there’s no point in getting enthused about bullion until such time as it clears some key technical hurdles. The election night peak should be your benchmark.”
