Gold (update)

We did find support today between 1250.60 and 1246.80 setting up a potential MM Pullback pattern.  First, this pattern relates to a MM breakout pattern seen on a daily chart.  This MM has a supershallow retracement, which is bullish, with 4:5 left-handed skewing.  Any pullback within the 38/78 retracement area is considered a potential buying opportunity.  My MM Pullback Zone is from 1250.6 to 1246.80.  Supporting this pattern is a 3 point upward sloping trend line and prices being above the 50 DMA, the 100 DMA, and the monthly pivot.  Entry will just above today's high @ 1259.00.  Conservative stop would be @ 1241.40 with aggressive stop @ 1248.10.  Target range would be 1293.30 to 1313.20.