Weekend update Gold 635.30

Gold has several hidden pivots in the 636 area where we sit right now and price is having trouble moving through this conjestion area. On the 8 hour bar there's resistance at the 50 unit MA. Longer term hidden pivots project a move back to 724.5 or on the down side to 566.5
Shorter term the move from 601.8 projects an ABC pivot to 634.75 which is why we are having trouble moving up through here. I tend to give a bit of room and work with ranges rather than to the penny like Rick. Charts basis www.netdania.com cash gold.

For now I am hedged a bit with some calls sold short against positions. I think the likes of PAAS, GG and other move down next week and into options expiration in mid August. I may be early as is usually the case. I will be out for a couple of weeks on vacation but will try to update once or twice a week.