Gold pulled out of its tailspin well above the 1573.10 pivot that had served as a minimum downside objective yesterday. This is moderately bullish on its face, but we shouldn’t trust the move beyond what we can verify technically. For the moment, that means requiring the futures to push past the 1637.75 midpoint resistance shown in the chart; and thence, to show no timidity in following through to 1656.00, the midpoint’s ‘d’ sibling. As always, the decisive breach of a Hidden Pivot would portend further progress in the direction of the trend.
