GCM20 – June Gold (Last:1743.50)

We’ll keep the 1832.20 target broached here earlier firmly in mind, but the pattern shown is likely to be more useful for trading this vehicle over the next week or two. Today’s push past the green line tripped a theoretical buy signal and implies the June contract will reach p=1772.60 at a minimum. If you trade gold actively, that midpoint Hidden Pivot can be used to set up a short sale, albeit one that could prove fleeting. A decisive push past the pivot would make further upside to the 1879.00 target an odds-on bet. In the chart, I have referred to the pattern as ‘good enough for government work’ because the impulse leg is technically illegitimate, with an extension above April 7’s 1742.60 peak that did not exceeded any ‘external’ peaks as required.