Suddenly and for no particular reason, gold futures plunged early Monday EST from $1255 to $1236. In the wake, the wires were buzzing about a "fat-finger trade," but who knows.
Since the plunge, nearest gold futures recovered to $1245.60.
It will be interesting to see if, and by how much, gold recovers — if indeed, it was a trader error.
Maybe no one cares about gold anymore as an investment — as if it's some sort of worthless relic from centuries past — but my sense is that as our techno-crypto world intensifies and creates threats to our financial well-being, the old relic will matter again at some point sooner than later.
With that said, and because all of the pullback lows in nearest gold Futures since Dec 2016 have created a series of higher-lows, we post our big-picture price pattern and technical setup.
As long as $1217.60 contains any additional, forthcoming weakness, my work will remain "cautiously promising" for gold and, for that matter, the miners.
