Comex April Gold (last: 953.00)

if-june-gold-were-to-exceedThe chart shows the derivation of some short-term targets mentioned near the end of today’s commentary. Although Friday’s point ‘B’ low did not surpass a distinctive low to the left of it made the previous day, the pattern itself is sufficiently compelling in its symmetry to warrant our consideration.  Its ‘D’ target lies at 938.50, subject to a possible bounce off  949.00, the midpoint Hidden Pivot.  Based on this chart, the first hint of a decisive bullish reversal that we could identify Sunday night or Monday would come on a print exceeding 960.30. Of course, the implications would be the more bullish if this were to happen without 949.00 being reached first, or certainly 938.50.