Gold’s strong thrust terminated yesterday a few ticks from the 1223.90 rally target I’d furnished. There was not much discussion about this in the chat room, so I’ll assume no subscriber caught a piece of the $23 rally. I’d explicitly suggested getting long if the futures exceeded a lesser pivot at 1208.90 by $1.00. This they did on the opening bar Sunday evening around 6:05. A bigger-picture target at 1238.90 that was also given here can still be used as a minimum upside objective, but buyers will need to wait until the correction is spent before jumping aboard. Most immediately, that would be telegraphed by a rally off either the p or D shown. Either can be bottom-fished with a stop-loss as tight as four ticks, but I’d suggest a ‘camouflage’ entry instead if you want to step up the size above a single contract. _______ UPDATE (10:32 a.m.): Gold evidently had bigger things in mind as it swooned gratuitously beneath the pivot supports before recouping most of it in a rally that conspicuously failed to go anywhere. Nothing new is suggested — other, perhaps, than abstinence.
