GCJ13 – April Gold (Last:1675.70)

Bullish price action yesterday left the futures poised for a final, short-term frillip to 1682.70, the D target of the very clear pattern shown. Getting there should have been a piece of cake; alas, tired buyers have spent the last eight hours playing toe-sies with the 1677.80 midpoint resistance.  Although this will have no bearing on my optimistic outlook for the intermediate term, it makes the target itself a prospect for shorting via camouflage.  This would be just a scalp-trade, but you should infer that bulls are raring to go if the target is exceeded by more than 0.50 or so points. _______ UPDATE (8:25 a.m. EST):  In the tedious fashion to which we’ve grown almost inured in the last year-and-a-half, Gold’s rally died.  It did so at 1682.00, just shy of the target, and although the reaction would have been shortable via camouflage, you can be pardoned for being asleep or too bored to react when the opportunity occurred.  PLease report any fills in the chat room, since, as is customary, I’ll provide tracking guidance if I hear from at least two subscribers. Click here to sample Rick’s Picks free for a week.