After being locked in a tedious range for nine weeks, the futures have broken out in an unspectacular way. They are bound for the 1875.20 target shown in the chart, and we shouldn’t be surprised if reaching it turns out to be a two-week slog. Getting aboard the uptrend intraday has been tricky, to say the least, but our best bet is with a ‘mechanical’ set-up. It’s a bit much to ask, but a retracement to 1720.10, the green line, would be a back-up-the-truck opportunity. Smaller patterns may give us a chance as well, but we’ll have to play it by ear. In any event, you can use p2=1823.50 as a minimum upside target for the near term. ______ UPDATE (Jul 1, 9:44 p.m. ET): The slog I told you expect could at times feel more like the Bataan Death March. Today, for instance. The plunge did not alter my bullish outlook, although it could create a potential tightly stopped buying opportunity at 1766.80. That’s a Hidden Pivot midpoint support on the 15-minute chart, where a=1797.90 (8:30 a.m. on 7/1); b= 1767.90 (11:30 a.m.).
GCQ20 – August Gold (Last:1777.80)