Gold Tiptoes Toward the Ledge

by Rick Ackerman
Gold Seek

The pattern shown, with a minor downside target at 1302.70, looks like it will provide the most useful perspective for the very near term. Neither the midpoint pivot nor the secondary (respectively, the red and green line) showed any discernible support, and that’s why I expect the selling to continue down to at least 1302.70. Also, the midpoint pivot produced a would-be profitable ‘mechanical’ short, as I expect the secondary pivot at 1313.20 to do now. We can worry about the demeanor of this presumptive correction if and when 1302.70 is easily or decisively exceeded. Were that to occur, the futures would be likely to grope their way down to 1259.10, the June 24 Brexit launching pad, in search of traction.

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