The futures appear to be basing for another rally, although they cannot yet be considered an odds-on bet to achieve the 2285.90 target shown in the chart. A move at least somewhat higher over the near term seems likely, however, given the way last week’s sharp thrust exceeded the 1981.60 target shown here. The small overshoot may not look significant, but in the visual context of an ABC pattern so clear and compelling, that’s sufficient to warrant a bullish trading bias. The upbeat picture would change, however, on a pullback early in the week exceeding the 1941.70 low recorded on Thursday. Otherwise, look for buyers to cruise above 2000 — for the first time ever — soon. _______ UPDATE (Aug 4, 7:06 p.m.): The move above $2000 has been so effortless that the futures should be presumed headed to p2=2046.30, at least, arriving either today or early Thursday. As always, a decisive stab through a Hidden Pivot level would imply a move to the next — in this case the 2091.00 target of the pattern shown in this chart. A surprise swoon to the green line would trigger a mechanical buy, stop 1912.10. _______ UPDATE (Aug 5 8:34 a.m.): The futures have pulled back a mild $7 after topping at dawn at 2048.00, a hair above the 2046.30 pivot I’d proffered as a minimum upside target. Once this correction has run its course, a decisive pop past p2=2046.30 would all but lock up more upside to the 2091.00 Hidden Pivot noted (and shown in the chart) above.
GCV20 – October Gold (Last:2041.10)