Gold’s upward progress Sunday night is unspectacular, but it is in subtle details that we find evidence of power percolating below the surface. The April futures were up as much as $14 earlier tonight but have since receded and are now showing gains of just $4.70. Moreover, the retracement has surpassed enough prior lows on the intraday charts to qualify as impulsively bearish. These minuses, however, do not negate the bullish implication of the so-far high at 1392.60, which exceeded a ‘look-to-the-left’ external peak (or more accurately, perhaps, a ‘shelf’) near 1391.00 recorded last September. This has effectively refreshed the bullish energy of the daily chart, and while it has left the futures a considerable distance from an important bullish benchmark at 1430.20 noted here earlier, odds of getting there have been enhanced by tonight’s fleeting rally. More immediately, night owls looking to board ahead of the next upthrust should look for the opportunity at retracement ‘p’ and ‘D’ Hidden Pivots on the 5-minute chart. FYI, one such opportunity came 0.70 below p=1380.40 at around 9:40 p.m.
