Gold was pounding on resistance pivots with well-nigh irresistible force, so we considered the bigger picture offered by a jerry-rigged Tradestation monthly chart. It showed continuous-contract action going back to 2001 and gave us the wherewithal to project a 150-point rally that is nowhere to be found on the daily chart. We also looked at the E-Mini S&Ps for a camouflage opportunity, but there were none. This served to remind us that opportunities in the micro time frame are worthwhile only if they are in alignment with patterns of a larger degree.
