Fueled by idle threats from the Fed, gold futures launched sharply higher from well above the 1306.00 pivot where we’d hoped to do some bottom-fishing. The rally exceeded no fewer than four peaks on the 120-minute chart, two of them ‘external’, so bulls will have the bad guys on the run as we head into week’s end. They could flatten bears with a further push above 1348.00 (see inset) on Thursday, but night owls needn’t wait to get long, since the shallow pullback from the intraday high is close to generating a tradable pattern that I’ve sketched hypothetically for your guidance.  I’ve also illustrated a larger, bullish pattern that show there’s potential over the near term to 1418.00.  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: Thursday, 28 July 2016 | E-Mail  | Print  | Source: GoldSeek.com

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