Fishing For A Bottom In June Gold Futures

April 27, 2017

An up thrust soon exceeding 1290.10 would put bulls squarely back in charge. At that point our minimum upside objective would be 1315.10, a Hidden Pivot taken from the hourly chart where A=1248.20 on April 10. Alternatively, if the futures fall for a second consecutive day, the first chance they’d have to reverse would be from 1267.90, a minor midpoint Hidden Pivot. However, a decisive penetration of that support would indicate more downside to at least 1255.80. Traders could bottom-fish there with a stop-loss as tight as four ticks, but I’ll recommend this only to those of you who have caught a piece of the short on the way down. _______ UPDATE (Apr 25, 10:54 a.m. ET): The rally from just beneath p=1267.90 will remain suspect until such time as it exceeds 1280.00. _______ UPDATE (Apr 25, 11:27 p.m.): Despite the gingerly probing of the secondary pivot at 1261.80, June Gold still looks like it wants to go lower.

The 1255.80 target remains viable, along with the recommendation to bottom-fish there if you’ve been short for at least part of the way down.  

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