Gold impulsed upward yesterday and might soon challenge its record high of 1917.90, which is attended by two Hidden Pivots as if by a pair of bodyguards. Tuesday’s high in gold extended the post-plunge retracement by a few dollars, cancelling the active bearish pattern that we noted in yesterday’s edition. The futures reversed three ticks below an important midpoint pivot whose sibling “D” target of 1912.80 is five dollars and a dime below the all-time high price of 1917.90. Less than four dollars above that record, at 1923.80, is the midpoint of a very large and important pattern which projects all the way to 2142.30. The anti-gold cartel might be expected to fight hard as gold approaches or just surpasses its current all-time high, not least in order to fend off the milestone of $2000 per ounce. With two significant pivots so close to the high, the trading up there promises to be very interesting. (Posted by Doug “harry” McLagan)
