Thursday, April 10, 2014

If you can spot a logical place for a major top in the sociopathic price action of the last six weeks, you may be hallucinating.  The futures are near the middle of their range for that period, seemingly hell-bent on going at least somewhat higher before something more interesting happens.  Night owls seeking easy opportunity should look for it on the 3-minute chart, which yields an 1871.75 target and a midpoint pivot at 1865.75 as a possible range for nocturnal activity. (A=1852.00 at 2:00 p.m. ET; B=18764.00 at 2:33 p.m.; and C=1859.75 at 3:00 p.m.)

June Gold looks poised for a breakout, but the whipsaw action of the last few days keeps stalling inches shy of my bullish trigger points. For a detailed look at exactly what is needed to stoke bulls' fire, check out today's tout for June Gold and the chart that accompanies it.  Not a subscriber? For a free peak and access to the 24/7 chat room -- no credit card necessary -- click here.

Bulls can't be too thrilled with Gold's ineffectual chest-beating these last couple of days.  Three times the futures have feinted toward the modest benchmarks we'd set, and three times they have failed to reach them.  The lower of the two, 1315.90, would trip the entry signal for a ride to as high as 1431.10.  Alas, the 1315.50 peak of yesterday's fleeting spike fell four ticks shy. The other bullish benchmark lies at 1316.50, the Hidden Pivot target of a humble rally pattern begun five days ago from 1286.80. My gut feeling is that the futures are likely to pop higher. But it is most vexing that the process has been taking so long, especially with the broad averages displaying the kind of devil-may-care nuttiness that should suffice to float everyone's boat. Whatever happens, June Gold looked like a fetching bull trade Wednesday evening as it traced out a secondary rally pattern pointing to 1319.80.  That target would become an odds-on bet once buyers have pushed this vehicle decisively above its sibling midpoint resistance, 1313.70.