NFTRH; Daily chart of Gold futures

A simple update for gold bugs.

As reviewed, the pattern measures to around 1940. That is not a prediction, it is a measurement in play as long as the pattern is not broken. With this morning’s test of the pattern’s neckline support, it is not broken. Hence, the target remains the objective.

Beyond that, gold can drop to 1624 to test the SMA 50 and remain completely intact to its up trending bullish case. It can test the combination of support at 1516 and the rising SMA 200 at 1529 and remain completely intact to its bullish case. The disqualifier to all of this would be a lower low to the March low.

As to which option gold takes (neckline hold or lower testing) the miners’ performance today might be instructive in that area.