GCQ21 – August Gold (Last:1891.60)

We’ve focused on a 2083.90 rally target that remains a strong bet to be reached.  More immediately, however, let’s train our attention on the 1923.90 target shown, since it could conceivably yield a bull trade over the next day or so. Specifically, I’ll recommend bidding 1894.20, stop 1884.20, if the futures have gone no higher than 1916.00. The implied entry risk is $4000 on four contracts, but you can interpolate using the micro-futures to cut that by as much as 90%. As always, an easy move past a Hidden Pivot resistance as clear as this one would be telegraphing a continuation of the rally. _______ UPDATE (June 1, 2:39 p.m. ET):  The 1894.20 bid I’d suggested missed the intraday low by just three ticks. I have not established a tracking position, however, because the futures went a tad higher than I’d anticipated before swooning $25 to nearly kiss our stink bid. Several subscribers reported doing the trade nonetheless, and it is sufficiently profitable at the moment — i.e., around $1000 per contract — that you should have little difficulty managing the risk.  A 1923.90 rally target still obtains. _______ UPDATE (Jun 3, 10:23 a.m.): Ha-ha. Just when I mention “no takedowns,” DaSleazeballs sock the futures with a $45 loss. The proximal cause of this fake selloff, abetted by evidently still-abundant, fearful clowns, was allegedly ‘bullish’ unemployment data. Stay the course! ______ UPDATE (Jun 3, 9:24 p.m.): Today’s sucker-punch had gold reeling for barely an hour. Let’s see if the menacing-looking close just off the lows has real teeth. Night owls up for a little excitement can try bottom-fishing at 18.59.20, stop 1858. 50. That’s the midpoint HP support, on the 60-minute chart, of a= 1900.50  (7:00 a.m., 6/3). _______ UPDATE (Jun 4, 9:46 a.m.): A low of 1855.6o stopped out the trade before gold whipped around and sprinted for a nearly $50 gain so far. In retrospect, an rabc set-up would have worked best, tied to our newfound confidence that the takedown artists no longer rule.