Gold has pushed past a 1515.60 Hidden Pivot target that had been two months in coming, suggesting there is still significant buying power remaining to be spent. However, because I’ve raised a cautionary note with respect to the mining stocks, we should treat the gold futures a little more cautiously than we have been lately. For now, that means using the 1559.90 pivot shown as a minimum upside objective for the near term. The target is clear and compelling, and so an easy move past it would be signaling a continuation of the uptrend. _______ UPDATE (Aug 13, 8:15 p.m.): Here is the pattern I am using in December Gold at the moment. It will become more authoritative if and when x=1522.40 is touched. The stock market’s nutty exuberance this morning dangerously underestimates the risks of Hong Kong. _______ UPDATE (Aug 14, 9:47 p.m.) Next stop: 1555.90, my minimum upside projection at the moment, as well as the midpoint resistance associated with D=1622.90.
GCZ19 – December Gold (Last:1531.80)