I’ve reproduced April Gold’s weekly chart to show how close the futures are to hitting our bullish benchmark at 1361.20. That would surpass a key ‘external’ peak from early November, but the important fact to note is that it will have done so with no significant pullbacks on the weekly chart since the rally began on the opening day of 2014. This is healthy price action, and it would become still moreso if buyers continue to push this vehicle without pause above the 1430.20 peak recorded last August. That would generate a bullish impulse leg sufficiently powerful to imply that the rally of 2014 is indeed the beginning of a major bull market. ______ UPDATE (March 9, 5:40 p.m. EDT): If Friday’s shakedown takes another leg down to open Sunday night’s session, look for a possible bottom-fishing opportunity near the 1327.30 midpoint support, on the 15-min chart, of a=1353.20 (3/7 at 8:430 a.m.); b=1326.60. _______ UPDATE (March 10, 11:23 a.m EST): The midpoint pivot came within two ticks of nailing the overnight low and the start of a $17 rally. If you got aboard, most of the position should have been covered by now, with the rest tied to an impulse leg-based stop-loss on the 10-minute chart.
