Careful! August Gold is closing on a potential rally stopper at 1877.40. I expect a push above it, perhaps after a brief stall, but if buyers blow past it Wednesday night or early Thursday, they’d be in good shape for a romp to the 1992.40 target shown in this chart. I have adjusted it slightly downward from the 1994.40 given here earlier because one of the original coordinates was wrong. The precise pullback from p=1830.40 in the second chart suggests that when the 1992.40 Hidden Pivot is reached, it’ll be a good opportunity to lighten up. As far as I can tell from the discussion in the chat room, all subscribers who trade gold have been long with confidence and are enjoying the ride. ______ UPDATE (July 23, 5:35 pm.): Bulls are closing on p2=1911.40, a secondary pivot associated with the 1992.40 target shown in the chart linked above. It is all but guaranteed to be reached, but be prepared for a stall and the start of a correction lasting for as long as a week or two. Alternatively, if the futures blow past the pivot, closing above it for two consecutive days, that would imply 1992.40 has become and odds-on bet to be reached and that this will happen sooner rather than later. _______ UPDATE (Jul 27, 7:14 p.m.): The cruise to an almost certain rendezvous with 1992.40 has been effortless if unspectacular. This Hidden Pivot should evince tradeable stopping power, although I don’t intend for you to get short there. The round number $2000 is the more formidable obstacle, but there is nothing in the technical picture to suggest an important top will occur at that height. _______ UPDATE (Jul 28, 7:07 a.m.): Tricky, vicious and gratuitously nasty as always, gold topped overnight at $1974 — just $18, or one percent, shy of our longstanding target at 1992.40. As a practical matter, using a dynamic trailing stop in the way I have detailed here before many times would have stopped you out of a long position around $1968. Let’s see how quickly bulls overcome this setback.
GCQ20 – August Gold (Last:1924.40)