Gold showed some pluck yesterday, rising moderately even though the broad averages were getting squeezed into the ionosphere. This is usually fatal for gold, but not yesterday. The February contract spent most of the day head-butting a 1305.00 midpoint resistance associated with a ‘D’ target at 1330.90. Once above the midpoint, look for an easy 25-pointer. Night owls should look on charts of 5-minute degree or less for boarding opportunities, since the lurch toward the target is likely to begin in off-hours trading. _______ UPDATE (January 25, 10:48 p.m.): The February contract popped briefly to 1307.80 on Friday but couldn’t maintain altitude. There is no change in my outlook, however: A run-up to 1330.90 awaits if and when a lesser Hidden Pivot at 1305.00 has been decisively exceeded.
