Gold’s modest rally last week looks like it could go a tad higher before sputtering out at 4312.80. the d target of a minor, bullish pattern. The downtrend that follows should take the futures to 3795.20, a Hidden Pivot ‘D’ support associated with a pattern begun from 5323.00 in early March. Bulls could expect a pretty good ride thereupon, since it will have taken more than four months to trace out the pattern, part of a larger correction begun from the record 5700 on January 29. Alternatively, we should allow for the small possibility that a major correction ended with last week’s 3955 low, and that a lasting rally is under way. If this is so, buyers will demonstrate it with a fist-pump through 4312.80, and thence a follow-through exceeding the 4527 ‘external’ peak recorded on May 29.
GCQ26 – August Gold (Last:4189.20)