The shallow correction off a targeted high at 1846.00 portends another burst of strength this week. That’s assuming one of gold’s notorious mood changes doesn’t occur when trading resumes Sunday evening. A strong upthrust should be presumed bound for the 1894.80 target shown in the chart. This is a ‘reverse pattern,’ and levels ‘p’ and ‘x’ should be suitable for bottom-fishing with ‘mechanical’ bids. Stay tuned to the chat room and keep email notifications switched on if you want to stay apprised. ______ UPDATE (May 25, 4:20 p.m.): The burst of strength has turned leaden. We won’t give up on this glue horse yet, though, since it may simply need to consolidate for a bit longer after last week’s sprint.
GCM22 – June Gold (Last:1852.20)