The pattern shown looks too pretty not to work, and that means the futures are likely to fall to at least p=3276.40 (the midpoint Hidden Pivot support, shown as a red line) before they can attempt to surpass C=3389.30. True, the pattern lacks a one-off-point ‘A’. But the well-formed A-B impulse leg, which exceeded two prior ‘external’ lows, more than compensates for this flaw. Assuming the correction resumes in earnest this week, 3276.40 will be an opportune spot to try bottom-fishing with as tight a stop-loss as you can abide. Alternatively, if bullion’s canny handlers gut my bearish pattern by popping the futures above C=3389.30, I wouldn’t get too excited, since gold’s rallies have gone nowhere since April.
GCQ25 – August Gold (Last:3358.30)