Gold reversed sharply yesterday from just above the 1382.80 midpoint pivot I’d flagged. That was bullish in itself, but even moreso was the reversal’s having generated a bullish impulse leg on the hourly chart. Notice as well that the intraday high came within a hair of the 1414.80 midpoint pivot. That was a logical place for buyers to take a breather, but I expect them to push past the midpoint by no later than Wednesday morning. If so, a two-day close above 1414.80 will put the 1456.00 rally target shown in play. Camouflageurs should look diligently for uptrending ABCs to ride following any pullback from above 1414.80 (aka ‘p’). That’s because the futures will be signaling a breakout on our terms that relatively few other traders and technicians will have noticed. _________ UPDATE (9:36 a.m. EDT): Last night’s takedown occurred after the futures had poked above the 1414.80 benchmark we were using. The overshoot was $1.60 — mildly bullish but still well shy of the two-day close above the pivot we’d stipulated . The futures are now in ‘dueling’ mode, but bears would gain the upper hand short-term on a print today beneath Tuesday’s 1384.30 low.
