GCM20 – June Gold (Last:1724.60)

I searched my archive for any mention of the neon target at 1788.7 shown in the chart but found nothing. This is embarrassing, like a scavenger failing to spot a Harley ‘Knucklehead” rusting under a pile of hay in a New Hampshire barn. If I’d noticed this pattern, I would have been less enthused about touting the mechanical buy at 1711  a week ago. (I am relieved, however, that no one has mentioned it since, even some subscribers who said they’d done the trade.)  Be that as it may, the position went in-the-black for long enough to allow partial-profit-taking, and it could still come home. The hourly chart is still bullish as well, even if disappointing at the moment, and an ambitious target at 1832.20 broached here earlier remains theoretically viable.  I would hazard a safe way to get aboard, but the pattern that has traced out over the last couple of weeks is distributive and about as appealing as off-brand ketchup. _______ UPDATE (Apr 28, 9:16 p.m. EDT): A three-day dirge has taken a toll on buyers without doing much technical damage, even on the lesser charts. We’ll keep an eye on the so-far ratcheting downtrend nevertheless, since it began from a high that failed to reach the 1779.10 midpoint Hidden Pivot of a clear bullish pattern. This is slightly bearish but would not become concerning unless the downtrend breaches 1666.20, the point ‘C’ low of the bullish pattern.