GCQ26 – August Gold (Last:4070.8)

I’ve set a high bar at 4403.70 to signal the possible end of a bear market that began in January, when the August contract hit a record 5700.  Otherwise, we should expect the weakness to continue at least until the 3793.40 target shown in the inset is achieved. There are two more Hidden Pivot supports you should be aware of, since either is capable of reversing the trend at least temporarily:  3822.70, the target of a smaller pattern that was featured here last week; and 3603.40, a worst-case projection derived from sliding ‘A’ up to the 5513.00 ‘marquee’ high recorded on March 2. Of the three possibilities, I favor 3793.40, which is why I have boldfaced it. The other two will work for careful bottom-fishing, however.

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