GCM09 – Comex June Gold (Last:874.50)

Much as I try to present the bright side each morning in my Gold tout, there is  nothing to suggest that an old target at 845.20 will not be reached; moreover, if it should be exceeded by more than $1 or so, it would portend further slippage to at least 831.30.  Both of these Hidden Pivot targets could be bottom-fished with a very tight stop-loss. There is one more hidden support at 866.70 that could come into play, although its close proximity to  a key low at 865.00 recorded on April 6 would make bottom-fishing there someone riskier than if the pivot were situated, so to speak, in the middle of nowhere. Alternatively, to effect a bullish reversal on the hourly chart, the futures would need to print above 911.80 today or Monday.