[This went out via email at 6:01 p.m. Wednesday night with December Gold trading $20 lower. Owing to a problem with WordPress, however, it did not get published in the list of touts at that time. RA] I’ve swapped out the October chart for December, since that’s where the action is. The 2107.10 target is $16 higher than the old one, but the implications are the same. Given the steepness of the impulse leg that unfolded during the last two weeks of July, a pullback to p=2017.60 would set up an enticing ‘mechanical’ buy, stop 1987.70. Since Mr. Market is unlikely to gift us with such a juicy opportunity, we’ll need to pay close attention to smaller entry patterns at these levels, particularly rABCs on charts of 15-minute degree or less. There is one such set-up at the rightmost edge of the chart shown, with an ‘A’ low at 2044.40 (9:00 a.m.). Entry would have come at 2046.40, stop 2941.80. ______ UPDATE (Aug 7, 8:34 a.m. ET): The futures have turned heavy, their progress toward the 2107.10 target stymied Thursday evening at 2089. I am no longer recommending a straight ‘mechanical’ buy on a pullback to 2017.60, since the ‘D’ target was nearly achieved. However, because it remains valid in theory, we still have a bull trade ahead of us, presumably with risk under tighter control than a ‘mechanical’ entry would allow.
GCZ20 – December Gold (Last:2070.50)