The futures were trading moderately higher Sunday night, although most of the gains occurred in the space of a single bar that was over too quickly to trade. Buyers appeared to pull back precisely to the 1157.10 midpoint pivot shown, implying this vehicle will be bound for its ‘D’ sibling at 1163.80 on the next leap. If it were any vehicle other than gold, I’d say a move to the target is a lock-up. But in view of bullion’s wonted failure to reach ‘easy’ rally targets these days, we can only wait and see. As always, it will take a move past the target to hint that this rally will be more than just a flash-in-the-pan. _______ UPDATE (4:12 p.m.): The rally topped at 1163.30, five ticks from my target, and then the tide receded to an intraday low of 1149.30. Some subscribers reported getting short near the high. If you stayed short, please let me know and I’ll establish a tracking position for your further guidance.
