Loading ...Rick’s Pick for Friday [clik to enlarge]
GCN17 – July Gold (Last:1216.30)
Updated Thursday, July 13, at 6:49 p.m. ET
We’ve been using an 1194.40correction target for a while, but today’s chart, a continuous daily, shows a bigger picture that is intended to ward off despair. First the bad news. The red abc pattern projects to as low as 1100.60, a $116 drop from these levels. That is my worst-case scenario for the next 8-10 weeks, and the odds of this target being reached would shorten if the futures were to close below 1195 for three consecutive days. The good news is that there is a much larger, bullish pattern that has so far prevented selloffs in 2017 from turning seriously ugly. The pattern projects to as high as 1452.60, but July Gold would need to rally decisively above 1288.30, a midpoint Hidden Pivot, to become an odds-on bet for a shot at that target.