Finally, a bottom in sight? Judging from the chart, with its textbook rhythms and clarity, it will be hard for the August futures to avoid reaching D=1665.00 and then bouncing tradeably from this Hidden Pivot support. The downtrend has obliterated several minor supports where I’d suggested bottom-fishing, but also a major one at 1773.80, the midpoint of the C-D leg. This suggested there was urgent selling still to come, and we will likely see the last of it within $1-$2 of the target. The pattern is too obvious for traders to count on a precise turn from D, but even an imprecise one should serve for bottom-fishing with risk tightly controlled. _______ UPDATE (Jul 21, 11:15 p.m.): The futures took a trampoline bounce after swooning to 1678, but I am not ruling out the possibility of a relapse that gets closer to my 1665.00 target. Alternatively, a push exceeding 1744.30 would put bulls back in charge.
GCQ22 – August Gold (Last:1713.20)