Monday afternoon’s twelve-dollar dive in the gold market projects as low as 1603.00 if the market follows through. The plunge was just in time for the daily settlement and looked a lot like a stop-sweep by the usual suspects. It ran parallel to Friday’s bullish “wall” and did only limited technical damage to the charts. That would change, however, if the futures reach the 1603.00 ‘D’ target, which lies below three very prominent lows ranging from 1608.10 to 1605.90. An alternative ‘A’ point for the pattern, at 1628.20, would project as low as 1597.70. Neither of these patterns is active yet, and they share a ‘C’ point at 1616.20. Both ‘D’ targets are well hidden, but neither midpoint is. If the futures push the ‘C’ point higher, as all Hidden Pivoteers know, the targets will move with it, so have your calculators ready. (Posted by Doug “harry” McLagan)
