GCJ10 – Comex April Gold (Last:1105.60)

The pattern shown in the chart is the one that caught my eye during yesterday’s tutorial session. It has since developed and is even more compelling with respect to the opportunity it may present for bottom-fishing. This should be done at 1095.50, two ticks above the Hidden Pivot target shown, with a stop-loss at 1094.20. Pivoteers could also attempt entry via camouflage if and when the downtrend closely approaches the target.  Night owls intent on scalping should consider 1111.80 as a place to get short with a tight stop-loss. That is the sibling midpoint of the 1095.50 target, and it should now act as resistance. _______ UPDATE (10:25 a.m. EST):  The events of the day have unfolded so far as foreseen.  The overnight high was 1111.70, a dime from where shorts were advised, and the futures have since fallen as low as 1100.50.  The rally to the C-D midpoint has confirmed the 1095.50 target.