I’m skeptical toward Gold’s leap on Friday, since it was triggered by payroll news that will not much affect the Fed’s determination to tighten ‘soon’. The hawkish story they’ve painstakingly put in play will remain the same regardless of the fact that a piece of meaningless employment news caused a knee-jerk reaction in markets most affected by the dollar’s ups and downs. However, because gold’s rally is bullishly impulsive on the hourly and daily charts, I’ll continue to weight the technical evidence more heavily than mere logic or reason. In practice, that means turning bullish as all get-out if the August contract leaps above the 1257.35 midpoint Hidden Pivot shown, or better yet exceeds it on a closing basis on Tuesday. That would put the 1274.00 target in play, as well the prospect of a complete recovery from May’s nasty selloff. Visit our 24/7 chat room and share timely ideas and real-time results with great traders from around the world. Click on the link for a free trial subscription.

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 -- Published: Tuesday, 7 June 2016 | E-Mail  | Print  | Source: GoldSeek.com

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