I’ve used a pattern similar to the one in Silver to show that both are in a precarious place, poised to fall at least 2% if their respective midpoint Hidden Pivot supports are decisively breached. So far, the pivots have held, but we’ll need to monitor price action closely this week. Like July Silver, June Gold is a spec buy at the moment, presumably using a reverse-pattern trigger on a chart of small degree. Doing so on the daily chart would risk a little more than $1000 per contract initially, far more than the $150 or so we should be willing to part with. _______ UPDATE (May 16, 5:22 p.m.): June Gold has fallen into the bog of weak consolidation that occurred in the last two weeks of April. The most bulls should hope for is that the futures rebound sharply after maliciously dipping beneath the bog’s low point, 1980.90 on April 19. Here’s the chart.
GCM23 – June Gold (Last:1993.20)
