For once, it is bullion that is in a wicked short squeeze! The July contract will need an uncorrected rally exceeding 25.055 to break the back of the 38-month bear market, but today’s rally is a nice start. A Hidden Pivot at 20.640 was as high as projections based on the intraday could have taken us, so the decisive move through it portends more strength to come. _______ UPDATE (June 20, 1:42 a.m.): DaBoyz seem to be having trouble shaking this vehicle down tonight. If 20.530 pullback low recorded Thursday afternoon holds, any rally past 20.985, a Hidden Pivot midpoint resistance, would indicate more upside to 21.435. Here are the coordinates from the 15-minute chart: A= 19.930 on 6/19 at 8:15 a.m. ET; B=20.835 at 1:00 p.m. _______ UPDATE (June 22, 10:55 p.m. ET): The futures topped our 20.985 threshold by a single tick — not much, but sufficient to generate a bullish impulse leg, and along with it the presumption that any retracement from here is just that, and a buy.
