Gold has remained weak in line with my forecast and on Monday came within spitting distance of a 1280.10 Hidden Pivot target we’ve been using as a minimum downside objective for the May contract. Shifting now to the June futures, I see further, very likely downside to 1272.00 before bulls get traction. If you are a Pivoteer, I do not have to tell you how pretty and precise the price action has been at the 1307.00 midpoint pivot. This not only corroborates the target itself, it also suggests that there will be an opportunity to do some very tightly stopped bottom-fishing there. If there are any fills reported in the chat room that have survived the low, I will establish a tracking position for your further guidance. Since odds of a fall to the target are high, traders should position from the short side until it is reached. If you are able to do so and then to reverse the position and go long, you should apply a portion of your gains to cushioning the stop-loss on a multi-lot position. _______ UPDATE (April 1, 9:02 p.m. ET): Yesterday’s stab down to 1277.40 brought the futures still closer to my target. The analysis and advice given above still hold. _______ UPDATE (April 2, 1:11 p.m.): I was VERY surprised (i.e., flabbergasted) to see that the futures turned higher this morning without having achieved my correction target at 1272.00. This holds bullish implications, but only after the upward reversal has gone ‘bullishly impulsive’ on the hourly chart. A print at 1295.60 would accomplish this. However, it is in Mr Market’s nature that the so far intraday high would have fallen a vexatious 0.70 shy of meeting that criterion. Even so, and all things considered, my gut feeling here is: cautiously bullish. We should trust, but verify.
