The Hidden Pivot target at 910.30 stopped yesterday’s rally cold, but the weak selloffthat has followed hints that Gold is about to get second wind. There is no mistaking the importance of the 911.80 high that the June futures will need to surpass in order to turbocharge the hourly chart, and any progress above it, particularly a weekly close above it, would be very good news for gold bulls. Rather than speculate any further, we’ll let the action dictate the outlook. Most immediately, though, the futures looked primed for a thrust to 920.10, subject to resistance from its sibling midpoint, 911.20. If buyers can push past that midpoint, the 911.80 resistance will be a dead duck. FYI, there are no compelling Hidden Pivots we can use to project a downside target, but 894.90 seems logical, since it represents a 50% retracement of the rally leg begun from 879.50 on April 21.
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