It’s around 1:30 a.m. EDT, and December Gold has just popped through 1428.80, a Hidden Pivot rally target we’d been using since the futures were trading 120 points lower. The actual high so far is 1429.50 — not quite high enough for us to consider the pivot demolished. As I’d noted earlier, however, a two-day close above it, or an intraday move that exceeds it by more than a couple of dollars, would shift our gaze confident toward $1500.
From a Hidden Pivot standpoint, the December contract can still be bought here, albeit cautiously. Although we shouldn’t be surprised to see it take a rest because the target it just connected with was an important one, we should remain open-minded to the possibility that the rally is potent enough to shred any technical impediment in its way. Most immediately, the 1439.40 target shown in the chart (see inset) is well in play, implying a bullish bias is appropriate for night owls.