April Gold (953.90)

9156Gold got off to a promising start yesterday morning with a strong impulse leg on the hourly chart, but there were minor signs of weakness even as we were examining the rally under a microscope during the weekly tutorial session. The rally subsequently turned ugly, mutating into a downtrend that projects to 934.90. This target is quite clear, so its breach, even by as little as 1.50, would be solid evidence that more selling awaits. If so, a Hidden Pivot at 924.20 can be used as a minimum downside projection. One last note: Either of the two supports can be bottom-fished with a stop-loss as tight as you can manage.