The Dollar Index still looks primed to fall to at least 77.81, a Hidden Pivot that looks compelling on the daily chart (see inset). If so, this would square with my analysis for Comex Gold, which sees a potentially important low forming not far beneath Sunday night’s so-far bottom at 1281.00. Bearish signs in the dollar are clearer at the moment than bullish ones in gold, arguing for caution if you are attempting to bottom-fish in the latter. For an exact price where this could be done using a tight stop-loss, check out today’s tout for the June Comex contract. ______ UPDATE (April 30, 11:35 p.m. ET): Two key Hidden Pivots to monitor on the way down are 79.36, a ‘midpoint’ support; and 78.74, its sibling ‘D’ target. Both should evince a tradable bounce, but if the higher number fails, especially on a closing basis, look for the selling to continue down to the lower, at least. _______ UPDATE (May 26, 11:46 p.m. ET): A strong rally has developed from 78.91, a little more than point above our downside target. This is bullish on its face and would become still moreso on a print above the 80.60 peak recorded on April 4 (see chart). _______ UPDATE (June 2, 12:46 p.m. ET): Back to trendlessness again? The little s.o.b. topped last 233k at 80.58, two ticks below my bullish benchmark. My hunch is that it will push past the resistance today or tomorrow, but we’ll wait for it to happen before we draw any inferences. _______ UPDATE (June 6, 12:15 a.m.): Despite yesterday’s spike high and the dive that followed, a bullish target at 81.31 will remain viable until such time as 79.88 is exceeded to the downside.
