Some Encouraging Technical Notes For Gold Bulls

We have enough downside targets in play at the moment to keep us on our toes, but this chart allows a more optimistic outlook for the near-term. Notice the very precise bounce from the 1161.70 midpoint pivot.  This validates the pattern itself, along with its p2 (1126.10) and D (1090.60) coordinates. To put those bearish targets in play, however, the futures would first need to breach p=1161.70. Since this has yet to occur, we needn’t necessarily expect the worst. To the contrary, if bulls were about to become resurgent, the first evidence of this we might expect to see would be a major downtrend reversing from its midpoint Hidden Pivot support, as may be occurring here. The futures were a speculative buy from 1161.70 in any case, but they could also be bought belatedly. Specifically, night owls can try bottom-fishing with an 1175.20 bid, stop 1174.80. That first number is the midpoint pivot of this pattern on the 15-minute  chart:   a=1180.30 (June 9 at 10:00 a.m.); b=1174.60; and c=1178.00.

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