Someone inquired in the chat room Sunday night whether the ongoing slide in the stock market might catalyze a melt-up in bullion, especially with stocks getting hit ahead of Monday’s opening. We needn’t guess about this, since we have Hidden Pivot Analysis to provide a reliable answer. I’d suggest using the 1242.90 target shown as a minimum upside target for now. It would be most encouraging if the December contact were to rip through that number with ease. Conversely, if the futures generate a bearish impulse leg on the hourly chart without having achieved 1242.90, that would be a bearish sign. Night owls wishing to trade the move should note that even on the hourly chart, there are some external peaks subtle enough to use for a low-risk entry attempt. ______ UPDATE (October 14, 9:27 a.m. EDT): The last three days have produced a camouflage-y impulse leg on the daily chart. The coordinates to use for getting long are: A=1217.60 (10/10); and (so far), B=1238.60. What makes this a camo opportunity is the fact that B slightly exceeded the 9/23 external peak at 1237.00, along with an internal peak at 1234.00 recorded on 10/9.
