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GCM14 – June Gold (Last:1290.70)

The 1309.50 midpoint pivot flagged here yesterday figured very precisely in yesterday’s ups and downs, offering resistance on the way up, then support after it was exceeded. That validates its ‘D’ sibling at 1321.30, although such a modest objective may not restrain buyers for long if Gold is even the least bit feisty today.  The opportunity to leverage the $11 0f potential upside will probably go to night owls, but keep in mind that any progress above ‘D’ would imply  yet another thrust is coming that can be played from the long side. _______ UPDATE (May 6, 7:15 p.m. ET): The 1321.30 target given above remains viable for now, although the timidity of buyers is taking a toll on the odds. More wishfully, one could focus on a 1422.10 target from the daily chart, where A=1238.50 on 1/30/14 (see inset). If you’d rather wait until this target is seriously in play before raising your hopes, set a screen alert at 1345.30, since a two-day close above that price, a midpoint pivot, would leave bulls in their best shape since mid-March. _______ UPDATE (May 7) Posted in the chat room at 1:21 p.m.: Sorry I was too busy to post this in-your-face opportunity, but June Gold’s so-far low at 1286.60 was two ticks away from the plain-as-day D target of (15-min) a=1305.50 at 8:45 a.m. ET.