Gold’s bull market remains solidly intact, but it is in no hurry at the moment to push up to the $5000 level as its handlers presumably intend. In the meantime, expect the futures to mark time with a drift down into the $3000-$3100 range, where they could cruise effortlessly for months until it’s time to stretch the bullish imagination yet again. Alternatively, a decisive push above $3400 would imply that the sovereign entities that have been doing most of the buying sense a further escalation of geopolitical trouble on the horizon. The ‘D’ rally target associated with a 3393.10 midpoint resistance lies at 3662.80, the highest target I could foresee over the next 5-7 weeks. (Please note that 3423.20 is the equivalent midpoint resistance for the August Comex contract. It is tied to a ‘D’ target at 3695.30.) ______ UPDATE (June 3, 12:12 a.m.): An explosive overnight rally has pushed the August contract to a so-far high at 3417.80 that lies just an inch from the 3423.20 midpoint resistance I’d said was key. A decisive move past it will clinch more upside to at least p2=3559.20, and thence to the 3695.30 ‘D’ target given above as my maximum upside objective for the next 5-7 weeks.
GCQ25 – August Gold (Last:3386.00)
