I predicted a two-week slog to the 1875.20 rally target shown in the chart, but the futures just blew an entire week screwing the pooch, so it could take significantly longer for the move to pan out. A pullback to x=1720.10 would trip a ‘mechanical’ buy, stop 1668.30, but we’ll be looking for opportunities in the week ahead to get aboard small patterns that have correspondingly lower entry risk. This could happen as early as Sunday evening if the August contract pushes above the ‘external’ peak at 1797.90 recorded Wednesday in the throes of a $40 dive. _______ UPDATE (Jul 6, 9:23 p.m.): The futures have popped through a clear midpoint resistance tonight, putting p2=1800.90 in play as a minimum upside target for the near term. If they get past it as well, especially with a decisive thrust, that would imply additional upside to at least D=1805.00. _______ UPDATE (Jul 7, 8:58 p.m.): Use this chart, which shows an 1820 target, as your road map for the near term. The futures narrowly missed tripping a mechanical buy at the green line with the swoon to 1781 at dawn. _____ UPDATE (Jul 9, 9:41 p.m.): Rallies continue to exceed minor Hidden Pivot targets, including one at 1827.40 that I posted in the Trading Room on Wednesday. This suggests the rally is healthy and sustainable and that pullbacks should be bought. In gold in particular this is always going to be tricky, so I’d suggest staying close to the Trading Room if you want a piece of the action and a relatively low-risk entry spot.
GCQ20 – August Gold (Last:1805.90)