The strong rally materialized on schedule, then stalled almost precisely at the 3423.20 midpoint Hidden Pivot resistance that I’d flagged. Bulls will need to exceed this impediment decisively to clear a path for more upside to the 3559.20 ‘secondary’ pivot, and thence D=3695.30. I’d said that last target would take 5-7 weeks to reach, but there can be no guarantees it will be reached at all until such time as p=3423.20 is left choking on prop wash. More immediately, plan on bottom-fishing if the futures pull back to x=3287.10. A 3150.00 stop-loss would be appropriate, but you’ll need to employ your own risk-reduction strategy to pare the theoretical entry risk of $13,700 per contract down to something closer to $300. I do this by using a much smaller ‘trigger’ pattern to get me aboard, a somewhat labor-intensive tactic called ‘camouflage’
GCQ25 – August Gold (Last:3331.00)
