GCM10 – Comex June Gold (Last:1142.50)

A midpoint support at 1131.10 is valueless for purposes of bottom-fishing because it coincides with a key low recorded on Monday; however, it can serve as a minimum downside target if sellers dominate today.  If it is buyers who are in charge, the key resistance is a Hidden Pivot midpoint at 1145.70.  Its breach would telegraph a move through yesterday’s high, 1146.80, followed by a finishing stroke to 1153.50. ______ UPDATE (2:00 p.m. EDT):  The futures are on track to hit 1153.50, but they took a roundabout route. After marginally exceeding the 1145.70 resistance in the wee hours Wednesday, it took buyers 13 hours to get second wind.  They’ve since pushed the June contract as high as 1151.20 today.