It’s late Sunday night in New York, and the June contract has taken a few baby steps toward last week’s bullish benchmark at 1307.20. Unfortunately, the effort thus far has fallen six ticks shy. Assuming the Masters of the Universe allow the rally to continue the requisite extra inch, look for a follow-through to the 1318.30 target shown. I expect this Hidden Pivot resistance to show tradable stopping power, but if the futures push past it without first hesitating for perhaps 30 minutes it would be an encouraging sign. Sunday night-owls, please note: On the lesser charts, a fleeting pullback from a tick or two above 1307.10 could provide an excellent opportunity to get long with relatively little risk. _______ UPDATE (April 30, 9:54 a.m. ET): Gold has once again flunked the bullish litmus test, disappointing us for the umpteenth time since prices topped above $1900 28 months ago. Now, it would take a print today at 1304.00 to rouse this vehicle from its habitual state of lethargy. _______ UPDATE (11:25 p.m.): I’ll set the bullish bar today at 1304.00, since anything less would likely be mere noise. _______UPDATE (May 1, 10:42 a.m.): Gold has disappointed us yet again, down $15 at the moment after having gotten no higher overnight than 1293.00. The ‘good’ news, if you can call it that, is that sellers are evidently too enfeebled to beat gold down without some help from long-squeeze dynamics, starting with head-fakes like the two that punctuated this morning’s slide.
