GCQ21 – August Gold (Last:1809.10)

I’ve switched to an rABC pattern and a less ambitious target at 1858.60 because gold’s trek higher has been so laborious, if not to say tortuous.  Intraday swings have been too nasty and frequent to use a buy-and-hold approach. However, the ‘mechanical’ set-up shown in the inset is designed to help make it easier on you, at least for a possible short ride from x to p2 or higher, as illustrated. We’ll be better able to judge the strength of the uptrend, such as it is, once we’ve seen buyers interact with the target. ______ UPDATE (Jul 20, 8:35 p.m. ET): No one mentioned this in the chat room, but the trade suggested above was showing a $6000 profit on four lots at today’s high. Because I was too preoccupied to signal an exit when gold surged this afternoon, I’ll do so now for an $1800 gain on the pullback to 1809.10.