For reasons that I will explain soon, I’ve just turned even more bullish on crude than the $119 target I’ve been using would imply. My reason has especially bullish implications for gold, implying that the rally begun with last Thursday’s spike may be just a booster thrust. Gold’s chart at the moment is much too placid, considering the news that is about to send it higher. In any event, the nearest Hidden Pivot target lies at 1269.30 (see inset) and even though the futures pussyfooted embarrassingly yesterday, they should make short work of the target if they catch a whiff of the same scent from Mosul that I’ve caught.
