Gold futures have opened sharply higher Sunday night, trading just off a 1319.30 peak that lies $8 below the ‘crystal clear’ target at 1327.00 we’ve been using as a minimum upside objective for the near term. If that number is exceeded by more than $1 or so, the August contract would be telegraphing more upside to at least 1335.80 (see inset), the Hidden Pivot target of a lesser pattern begun with tonight’s upthrust. _______ UPDATE (1:33 p.m. EDT): The August contract has shredded minor targets — and one major one — this morning with easy aplomb. The implication is that this run-up is bound for 1361.00. That Hidden Pivot is not likely to give way easily, so be prepared for a stall. If none occurs, however, bears and the bad guys (i.e., the bullion bankers) had better dive for cover. Even so, we should never discount the fact the their good buddy, Uncle Sam, is capable of lending however much gold it takes to halt this lovely insurrection.
