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GCM21 – June Gold (Last:1830.40)

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Gold has turned punk again, well shy of the 1880.10 midpoint pivot shown in the chart, but also of February 16’s external peak at 1817.60.  Exceeding this structural resistance might have offered encouragement; alas, the futures went no higher than 1798. Now, all that bulls have to hang onto is mid-April’s successful stab at the green line, which triggered a highly theoretical buy signal. It also activated p=1880.10 as a minimum upside projection, but this goal looks distant, if not to say unattainable, in the context of the daily chart.  Silver, as I keep remarking, looks better — just not ‘better enough’ at the moment to drag gold higher through layers of resistance. Where are the robinhood and reddit kiddies when you need them? _______ UPDATE (May 7, 9:13 a.m. ET): With a couple of rare, back-to-back leaps, an energized gold has put my 1880.10 price objective within easy reach. It is a minimum target, but if buyers can impale it on first contact, that would shorten the odds of a further push to 2083.90, the ‘D’ target of a larger bullish pattern stretching back nearly a year.  And if that Hidden Pivot resistance were to be smashed, we’d be talking — theoretically — as high as 2324.70, the ‘D’ of this pattern. Notice that a theoretical ‘buy’ signal predicated on that target was triggered at 1838.30,, ticks off the so-far top of today’s surge.

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