August Gold’s attempt to reverse from a morning sell-off prompted a subscriber to ask in the Rick’s Picks trading room whether bullion is already getting second wind. I doubt it, since June’s sensational run-up was too steep to sustain and will likely require a breather of perhaps 2-3 weeks to recharge. But I do expect the uptrend to resume after a proper pullback because this month’s surge decisively exceeded clear Hidden Pivot resistances at 1412 and 1432. This is usually a reliable sign that the dominant trend will continue, and it is quite clear in this instance. Because the pattern took ten months to play out, it would be surprising — and quite bullish — if the futures do a ‘180’ and blow past the 1432.70 peak within the next few days. Anything’s possible, so we’ll simply wait for gold to do its thing to tell us what’s on its mind.
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