As I mentioned in today’s E-Mini S&P tout, I like to fade big moves when they occur for stupid reasons or no reason at all. Under the circumstances, there’s no way I’m going to go with the flow in gold. Has anything really changed as a result of yesterday’s non-news from the Fed? Surely not. And that is why I expect this rally to go nowhere. Before we throw ourselves in the path of a freight train, though, let’s see how bulls handle the two Hidden Pivots shown. They lie, respectively, at 1173.30 and 1185.20. The first, a midpoint resistance, has been penetrated, but not by enough for us to infer that a follow-through to D=1185.20 is a done deal. Only if buyers bulldoze the latter resistance, and soon, should we infer that more upside progress is likely.
