June Gold is off to a so-far $9 rally Sunday night. But before you get too excited, try to recall the last time a middling rally on a Sunday night went on to bigger and better things. This note of skepticism is notwithstanding the fact that the futures hit a Hidden Pivot benchmark last week implying a further rally to at least 1354 over the near term. That’s a probability, by the way, not a guarantee. What I can guarantee — better put that word in quotes: ‘guarantee’ — is a bit more upside this evening to the 1335.70 target shown. Night owls looking to get aboard should make use of the 1329.60 ‘external peak’ highlighted on the left-hand side of the chart. A BC-type pullback from just above it would be exactly what we need to set up a potentially low-risk entry opportunity ahead of the expected push to 1335.70. _______ UPDATE (10:46 a.m. ET): The futures mucked around in tedium after the tout above went out. Although the very modest, 1335.70 target remains valid in theory, it’s probably not worth the bother. The short-term charts remain nominally bullish. _______ UPDATE (8:21 p.m.): No change since my last update. Set an alert at 1343.30 if you want to awaken to the encouragement of positive developments. ________ UPDATE (April 15, 10:20 a.m.): Not only have their been no positive developments, bullion has gotten trashed this morning, down as much as $43 at one point. The weakness projects to 1265.60, $19 beneath the so far low. Here are the coordinates, from the daily chart: A=1343.20 on 3/21; B= 1277.40 on 4/1; and C=1331.40. By implication, the bounce at the moment to p=1298.50 is a short sale, but camouflage is strongly advised.
