GCJ15 – April Gold (Last:1209.90)

Don't let gold's weaknessThe correction from January’s 1308.80 high has been nasty, but we shouldn’t let that distract us from seeing the turn if it comes.  It’s tempting to think yet another leg down is coming over the next day or two and that we should therefore be looking for a way to get short. Notice, however, that the larger, bullish ABC pattern going back to the January 2 low is still intact. That pattern would generate a buy signal on a print at 1225.80 (rounded).  Accordingly, I’ll recommend using a ‘camouflage’ entry signal on the 3-minute chart or less to get long once that number has been hit. This is liable to be tricky, so don’t hesitate to seek guidance in the chat room.