The futures triggered a ‘mechanical’ buy signal last Wednesday when they dipped to the green line. This implies they are no worse than an even bet to achieve the 4312.80 ‘d’ target in the chart shown. They’ll have to do at least a little better than that to suggest the rally is capable of getting legs. Most immediately, that would mean pushing past the 4403.60 peak recorded in mid-June. That would generate an impulse leg on the daily chart capable of hitting 4746.60, if not necessarily new record highs.
GCQ26 – August Gold (Last:4128.00)