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Offer extended through Friday (9/3).
As we found in the E-Mini S&P, all signs point lower. The 1037.90 target I’d employ for bottom-fishing seems out of range for today, but we should use it nonetheless as a minimum downside objective for the next 2-3 days. It’s not a healthy sign that my second choice, 1052.80, got pasted on Friday. Enjoy a rally if it comes, but get your guard up if it approaches 1081.90. That’s a Hidden Pivot support turned into resistance by last week’s minicrash, and it would be a great place for DaBoyz to spring a bull trap. Pivoteers can find it on the 180-minute chart, where A=1163.40 on January 11. _______ UPDATE (8:59 a.m. EST): Who are we to complain if index futures are leading Gold around by the nose? The April contract now looks bound for at least 1091.60 (subject to the caveat mentioned above), a midpoint resistance at 1076.70 having become nominal support.
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