GCJ11 – April Gold (Last:1418.40)

As of around 8:20 p.m., the futures have been as high as 1412.00, three ticks above a Hidden Pivot resistance found on the 30-minute chart. This is moderately bullish for the very near-term, but even more encouraging is that the high slightly exceeded the look-to-the-left peak at 1411.40 labeled in the chart. A pullback that resembles the one shown could provide an excellent camouflage opportunity to get long at the still unformed  ‘x’.  ______ UPDATE (3:54 a.m. EDT):  The futures are up nearly $10 at the moment, and for once bullion will not have to do any heavy lifting, since explosive potential in crude oil is going to pull gold and silver higher no matter what the bad guys have in mind.  Since the rally almost precisely matched the hypothetical pattern shown in the chart (see inset), I’ll establish a two-contract position for your guidance. Entry would have come at 1408.50, based on A=1402.20, B=1412.00 (as shown), and C=1406.10.  Use a 1415.90 target for one of the contracts and let the other ride with a very generous stop. ______ UPDATE (2:51 p.m. EDT):  The futures handily exceeded the target, giving us a paper profit that will reduce to 1401.20 the cost basis of the contract  we still hold. For now, use a 1402.10 stop-loss, raising it to 1410.60 if and when the futures hit the next Hidden Pivot objective, 1426.00.