GCQ17 – August Gold

(Last:1281.00)

Posted Thursday, June 8, at 8:25 p.m. ET

Gold got sacked in the early going Thursday by the usual mysterious, evil forces, dropping $10 in mere minutes on the reported sale of 15,000 contracts. By day’s end, however, the Auggies had recouped enough ground to put a promising, bullish pattern in play (see inset). It has the potential to reach 1308.50 next week — and the sooner the better. More immediately, the push past the green line warrants a bullish trading bias, predicated on a minimum upside target of 1291.00 — the midpoint Hidden Pivot. An easy move through it would shorten the odds of a continuation to 1308.50 by generating a strong impulse leg on the intraday charts.   If you don’t subscribe, click here for a free two-week trial that will allow you not only to view the tout, but to enter the Rick’s Picks chat room, where great traders from around the world gather 24/7.