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GCM20 – June Gold (Last:1047.03)

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June Gold trampolined off a 1683.10 Hidden Pivot Wednesday, enabling subscribers to get long in their favorite bullion vehicles at or very near the intraday low. I’d posted a heads-up in the Trading Room as the futures began their turn, noting that the 1683.10 ‘secondary pivot’ of a pattern that has been in progress for six weeks was a ‘logical’ place for a bounce.  The futures rallied $30 from an actual low at 1684.20, and although they are not yet out of the woods, the bounce has turned the hourly chart bullish and breathed new life into targets as high as 1879. ______ UPDATE (May 28, 7:01 p.m. EDT): What would it take to imply the futures are out of the woods? Answer: an upthrust exceeding the 1757.60 peak recorded on May 20. I’ve set a screen alert to wake me when bulls get there.

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