We’d had a profitable trade in Comex Gold overnight, so we took our time making useful sense of it during this session. Gold subsequently swooned on the opening, then vaulted $26 in just two hours, but there were reasons for skepticism that this robust price action was telegraphing an eventual move to new all-time highs. However, for both trading and analytical purposes, we settled on 1235.20, a crucially important and very Hidden Pivot midpoint, as the key price for the near term. The reasons are emphasized in great detail in this recording and well worth the time you might spend reviewing them. We also looked at the E-Mini S&P, which dove toward a longstanding target at 1040.25 without quite getting there. We found reasons to expect a relapse, however, perhaps providing an opportunity to bottom-fish with a stop-loss as tight as 1039.75.
