Ten mincing steps higher, one or two devastating steps back. That’s the way gold rolls. It is such as nasty little sonofabitch that we can only infer Mr Market is intent on terminally discouraging every last bull before he lets it fly. The chart shown is short-term bearish, although not horrifically so. It suggests the futures are on their way down to at least 2017.50 most immediately. There’s a chance it could catch a bounce at p2=2028.50, in which case you’ll want to use a tight trigger interval of perhaps 2 points for bottom-fishing. Make sure it’s tied visually to a clear ‘a-b’ leg on the 30-minute chart or less. There is also voodoo number just above p2 that I will leave to be discovered and used by hawk-eyed Pivoteers.
GCJ24 – April Gold (Last:2038.70)