Although weakness was the theme of yesterday’s gold tout, I will suggest nonetheless that you try bottom-fishing at either of the two Hidden Pivots shown: respectively, 1168.60 (p2) or 1165.70. These supports look equally likely to produce a bounce from within three ticks of the given number. That implies you could use a stop-loss as tight as four ticks for this trade. Take a partial profit if the position goes 0.90 in-the-black, or implement a trailing stop if you are using only a single contract. _______ UPDATE (9:56 a.m. EDT): Gold’s distributive, bull-trap rally overnight negated my strategy by altering the target. It is currently 1166.40, exactly 70 cents beneath the so-far intraday low. If that Hidden Pivot support gives way, look for more downside to 1163.30, or to 1158.40 if any lower.
