Late last week, December Silver made a two-year high and broke through a midpoint pivot whose sibling “D” target at 20.45 is now in the crosshairs. On Thursday we noted four prior highs on the weekly chart that might soon be eclipsed by the silver rally, and the first two were indeed surpassed that day and the next. In the process, the midpoint pivot at 19.655 that was described in Wednesday’s tout gave way without a fight, telling us to expect its related “D” target to be reached soon. The rally high of 19.985 occurred on Friday, and since then it looks like some price-capping has been going on. But as the new season gets underway this week, the key levels to watch are the round number of 20.00, the Hidden Pivot at 20.45, and the next major prior high of 20.80, basis the December 2010 contract. (Posted by Doug McLagan)

ESU10 – September E-Mini S&P (Last:1103.25)

by Rick Ackerman on September 7, 2010 6:58 am GMT

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GCZ10 – December Gold (Last:1250.9)

by Doug McLagan on September 7, 2010 6:45 am GMT

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ECU10 – September Euro (Last:1.2827)

by Doug McLagan on September 3, 2010 9:58 am GMT

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GCZ10 – December Gold (Last:1252.5)

by Doug McLagan on September 3, 2010 8:30 am GMT

Gold has bounced off three Hidden Pivots in three trading sessions, and this morning we will watch the reaction to the employment report. A print of 1259.2 or higher will signal continued bullishness. Yesterday we noted a new intraday pattern that was close to being confirmed whose midpoint was at 1255.6. Gold obliged by activating the pattern and rallying to within four ticks of that pivot. Now comes the non-farm payrolls report (at 8:30 a.m. EDT), frequently used as an excuse by anti-gold forces to sell aggressively. Today’s attached graphic is chock full of information, including “D” targets at 1267.2 and 1291.9, both of whose sibling midpoints have performed well (to say the least). But there is one additional Hidden Pivot to consider: the “D” target at 1258.7, visible on the daily chart and associated with A=1192.5. This target would be decisively surpassed by a print of 1259.2 or higher, which would signal more upside to come. Should NFP be met with selling, unfortunately Hidden Pivot analysis has nothing to say about where to bottom-fish: the patterns are all bullish. Don’t you hate when that happens? (Posted by Doug McLagan)