April Gold (942.30)

The 1.70 overshoot yesterday of a longstanding target at 952.30 was not sufficient to justify breaking out the bubbly, at least not yet, but neither was it so subtle that we should infer bulls can’t muster another surge. If and when it comes, look for a move to 976.40. That’s a Hidden Pivot, and you should expect it to show precise stopping power. Accordingly, any longs held on the way up should be partially disgorged rather than held on the certitude of an instant follow-through to $1000. Alternatively, the futures would need to fall below 936.50 Thursday night or Friday to turn the hourly chart bearish. Thereafter, the c-d “follow-through” leg proceeding from A=953.10 has the potential to yield an opportune midpoint for bottom-fishing.