GCJ11 – April Gold (Last:1348.60)

April Gold (GCJ11) price chart with targetsI promised no less than 1360.30 yesterday, so the gold gods owe us a few bucks in addition to the nice $31 rally that occurred off yesterday’s low, 1325.30. It was impulsive as all get-out, but we’ll still need to see how well buyers handle the 1360.30 resistance before we effuse any further.  An easy push past it would be encouraging, but from a Hidden Pivot standpoint it will take at least 1368.80 to refresh the bullish impulse. The look-to-the-left peak that makes that price significant is shown in the accompanying chart. My gut feeling is that the futures can and will do even better, pushing above a more formidable peak at 1380.60 made a day earlier.  If that happens as early as today, shorts had better dive for cover. ______ UPDATE (12:49 p.m. EST):  Buyers generated a whoopee-cushion thrust to 1361.00, exceeding our target by 0.70.  Although that’s sufficient to reaffirm the health of the bull trend begun a week ago from 1310, the futures quite clearly lack the gusto at the moment to overwhelm the bad guys.