Gold's Price Chart Still Gives Bulls An Edge

Relative to the low at 1142.40 recorded March 17, June Gold remains in a bullish trend that it has been correcting for the last three weeks. What validates this interpretation is that early April’s 1224.50 high slightly exceeded a prior peak at 1223.70 recorded on March 2 (see inset). That makes the entire rally picture since March 17 low bullishly impulsive, although recent weakness has created a bearish impulse leg of lesser degree. This is ‘dueling’ impulse legs, and for the moment, the bullish one still holds sway. Even so, there’s an outstanding correction target at 1168.00, and this Hidden Pivot support must hold if we are going to give bulls the benefit of the doubt. More bullish still would be a rally Sunday night that exceeds 1181.50, an event that would turn the two-minute chart bullishly impulsive. A bc-type pullback from just above that number would presumably be tradable via ‘camouflage’ and entail theoretical entry risk of perhaps 0.40-0.60.

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