DaBoyz were taking as much air out of Comex futures as possible Thursday night, the better to steal paper gold from widows and pensioners who may have come away from yesterday’s monster rally eager to unload an asset that has underperformed for all too long. Could they be wrong? From a technical standpoint, the August contract tripped a buy signal for a shot at 1445.00, a Hidden Pivot target. We can all afford to be a little skeptical about this, but even for skeptics there will be good reason to loosen up and go with the flow above 1342.60, an important ‘hidden’ resistance whose breach would reaffirm the very bullish price action we saw yesterday. That’s just $20 above the intraday high, and if it’s exceeded as early as today, that would attest not only to the power of the rally, but to its potential staying power.
