The update I put out Wednesday night nailed the week’s low at 1914.20 within $1. However, because no one reported a trade, I haven’t established a tracking position. I expect the downtrend to resume this week and to hit D=1897.90, a Hidden Pivot that can be traded with a tightly wrought rABC (i.e., reverse-pattern) trigger. There could also be a tradeable bounce from 1911.50, but it should be bottom-fished only by Pivoteers who know how to find this voodoo number. The 1897.90 pivot is obviously important, since a breach could send December Gold groping for traction below the Feb/Mar lows around 1883. _______ UPDATE (Aug 23, 10:23 a.m.): Gold is off to the races this morning, presumably on a track to nowhere that has come to resemble a Möbius strip. Despite my skepticism, however, and because the rally is solidly impulsive on the intraday charts, I’ll offer this bullish view as though I were a true believer. Like most fetching ‘reverse’ patterns, this one is all but guaranteed to work well no matter what your purpose.
GCZ23 – December Gold (Last:1926.90)
