Gold’s upward progress since January 2 has been labored, to put it mildly, but we’ll give bulls the benefit of the doubt nonetheless, since they appear to be consolidating this vehicle above the 1216.00 midpoint Hidden Pivot for a push to 1264.60. That implies there’s plenty of room to get long for the ride — a task that would be made easier if you use uptrending patterns on the 5-minute chart to initiate the trade. Just such a pattern was developing Tuesday night, where A= 1215.20 at 7:15 p.m. An entry signal following a new point C low beneath the one at 1216.00 recorded at 8:25 p.m. would be particularly opportune.
