Mr. Slammy made his appearance late in the day after leaving the futures somewhat shy of the 2514.60 target that we used last week as a bull market lodestar. It will be achieved, rest assured, but not necessarily on our schedule. Friday afternoon’s $100 slapdown from the top of a strong rally was so swift and punitive that one might think the solons who regulate the futures markets pass out awards for the most brazen heists by the criminals who control the markets. Their tracks have nonetheless provided a clear technical picture to guide our efforts in trading and positioning bullion. Expect the correction to come down to at least 2309.00, a Hidden Pivot midpoint support. We’ll want to bottom-fish there, whether to augment positions or open new ones, so stay tuned to the chat room and/or your email notifications to keep apprised.
GCM24 – June Gold (Last:2360.20)