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posted on 08 July 2017

Is Gold Headed Lower?

Written by , Rick's Picks

August Gold is struggling to hold above a 1217.50 Hidden Pivot support and would need to pop to at least 1248.30 in the next 3-5 days to get out of jeopardy. Failing that, we might expect the futures to continue down to at least 1194.40 in search of traction.

gold.sinking


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That is the midpoint Hidden Pivot of the large corrective pattern shown, and it seems likely to provide a great bottom-fishing opportunity if and when it is touched. In the meantime, I’d suggest trading with a bearish bias, presumably by shorting minor abc rallies at D targets or p midpoints, or by using ‘camouflage’ set-ups to initiate such trades with-the-trend.

Click for large image.


Note by Econintersect

The chart above ended with Thursday 06 July. The chart below shows what happened Friday: the "D" level at 1220 was taken out decisively with a close at 1212.

gold.futures.2017.jul.07


Author's note

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