Short-Term Outlook For Gold Price Is Still Glum

Shifting to the October contract yields a compelling downside target at 1197.70 that can replace a projected range of 1192.70-1201.10 given here earlier for the August futures. As always, I’ll recommend bottom-fishing this Hidden Pivot support aggressively only to subscribers who have made money being short on the way down.

A rebound in the meantime to p=1235.00 would set up an enticing if belated ‘mechanical’ short, but we’d want to execute it via a ‘camouflage’ set-up to significantly reduce the initial, theoretical risk of nearly $1200 per contract.

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