Some Precise Technical Hurdles For Gold
June Gold ended the week consolidating for a likely push to a minor rally target at 1303.00. An equally compelling pattern of somewhat larger degree targets 1305.70, so you should be prepared for stall at one number or the other. As always, if a Hidden Pivot as clear as either of these two gives way easily, that would imply there’s unspent buying power to reach still higher levels. Keep in mind as well that the 1464.90 target of a far larger pattern dating back to November 2015 will continue to color our trading bias a bullish shade of green.
It is tied to a 1297.50 major midpoint resistance that could also be an obstacle to any rally in the week ahead. Once the futures have pushed decisively above this number, however, it will eventually become useful for purposes of setting up a bullish, long-term ‘mechanical’ trade with entry risk very tightly controlled.
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