It was bears who were frustrated yesterday when sellers couldn’t muster the gumption to trash an 1183.50 support from ten days ago. By a single tick, overnight selling left the bullish pattern shown intact. Its 1227.50 rally target would become an odds-on bet if the futures push decisively past the red line, a midpoint Hidden Pivot at 1205.50. This seems somewhat fanciful given gold’s recent performance, but what can it hurt to suspend disbelief as long as we are cognizant of an 1168.00 downside target given here yesterday if things don’t go well?
