Monday night’s bullish stab stopped an inch shy of the 1408.00 midpoint pivot shown. Assuming Gold gets second wind — a logical outcome, since there are a couple of larger, bullish ABC patterns driving the futures right now — a move even slightly above p=1408.00 could be expected to generate sufficient thrust for a follow-through to the 1427.60 target shown. It is close enough to the 1428.80 target given here two weeks ago, when the future were trading around 1311, that we should expect to see some stopping power. If not and gold blasts through it, or closes above it for two consecutive days, we should take this as evidence that buyers have raised their sights to 1500.
