GCQ20 – August Gold (Last:1735.90)

Gold had a lousy week, even dipping beneath a clear Hidden Pivot support on Friday to show bulls who’s boss. The 1671.70 intraday low was a great place to have faded the trend, although not minutes ahead of the closing bell.  That’s no assurance the selling won’t continue next week, especially if the stock market rampages anew. For all the nasty selloffs we’ve seen in bullion over the last couple of years, bears have shown themselves to be just bullies, too cowardly to throw a punch unless investors’ interest has been diverted elsewhere.  We’ll continue to look for opportunities in either direction, but with no illusions about easy set-ups that can be detailed the night before. Stay tuned to the Trading Room for timely guidance. ______ UPDATE (June 8, 9:45 p.m. EDT): The futures have come within inches of the 1710.80 target I posted in the Trading Room at 15:31. The clarity of the pattern is sufficient to imply that even a small penetration of perhaps $1.50-$2.00 would augur still higher prices. Here’s the chart. _______ UPDATE (June 9, 9:39 a.m.): Here’s what’s happening in GCQ at the moment: https://bit.ly/3h40CBo Gnarliest pattern ever, but with a sausage-y ‘B’. I rate the mechanical ‘buy’ a 6.6. _______ UPDATE (June 9, 10:45 p.m.): If you bought on the pullback to the green line as suggested in my last update, you are currently sitting on a profit of $2400.  If I hear from two subscribers who did the trade, I’ll establish a tracking position. Here’s the chart. The 1736.30 target remains viable. ______ UPDATE (June 10, 9:51 p.m.): Gold is in its fifth week of range-trading, so we ought not be too presumptuous about what might occur next. If this is the usual failed rally, look for a top somewhere around 1772.90 [NOTE: This corrects the 1793 benchmark given here earlier], a midpoint resistance (daily, A=1580.00 on 4/1). A two-day close above it would signal a breakout to at least 1825.20, but possibly 1877.40 if any higher. Here’s the chart. _______ UPDATE (Jun 15, 9:05 p.m.): Zzzzzzz.  The futures are exactly where they were nine weeks ago, fluctuating gratuitously within a narrow range. Gold has refused to compete with the stock market for attention, but to its credit it has stayed aloft nonetheless, presumably waiting for the right time to blow away bulls and bears alike.