April Gold (899.00)

About to enter its 12th day of tedium, gold is quite obviously in no hurry to move up to the next plateau, 945.90, let alone take on the $1000 barrier. The midpoint sibling of that Hidden Pivot is 918.10, as noted here earlier, and we should want to see a close above that number before we infer that bulls are keen to inflict damage on the likes of JP Morgan and other nefarious agents of the Federal Reserve. From a trading perspective, there were two Hidden Pivot supports available on Friday where one could attempt bottom-fishing with tight stops: 909.20 and 901.00. However, both may have been pulverized by the time you read this if Sunday’s opening is lacking in delicacy. _______ UPDATE: The second of the two pivots given above, 901.20, would have worked nicely for bottom-fishers, even those using a stop-loss as tight as three ticks, since the futures managed an $8 bounce from 901.20. It was short-lived, however, and the April contract had relapsed to as low as 895.00 in the early going on Monday. The nearest logical support was 890.30, equal to a key intraday low recorded a wek ago.