As implied her yesterday, a Hidden Pivot at 31.230 is now our minimum downside objective, and it would take nothing less than an explosive move exceeding 34.380 to the upside to annul that decree. Bottom-fishing is recommended to anyone who can hold risk to $70 or less per contract, presumably via camouflage, but my hunch is that there will be a tradable bounce from within no more than 2.5 cents of the target.
You should be aware in any case that a two-day closed beneath 31.230 would put into play the 29.355 target of the pattern shown. Notice that, unlike the larger downtrending A-B pattern shown in today’s charts for April Gold, this one’s A-B leg is the real deal — i.e., not sausage because it exceeded the 32.715 ‘external’ low recorded on February 16. Indeed, it is because Silver’s chart is so clear in this respect that I have given my worst-case forecast for gold the benefit of the small doubt.