I’ve revised the target given here yesterday, based on a discovery I made during the weekly tutorial session. Notice how the pattern shown, with a higher point ‘A’ than the original one, gave way to a C-D follow-through that has bounced from within a few ticks of both p and p2. This suggests that if sellers breach the latter, that the futures can be presumed headed to 1169.70, and to bounce — tradably — from within a few ticks of that Hidden Pivot support. A ‘mechanical’ short from the red line would require an 1190.00 stop-loss, but you could whittle the entry risk down by perhaps 80% if you use the 5-minute chart to effect a ‘camouflage’ entry. _______ UPDATE (June 4, 8:10 p.m. EDT): No change. The 1169.70 target remains viable. Night owls may be able to leverage this number with a mechanical short from 1178.50, stop 1181.50, single contract. _______ UPDATE (June 5, 9:01 a.m.): Moments ago, gold plunged to a so-far low of 1164.20. The mechanical short stayed just an inch out of reach, however, since the overnight high was 1178.00. A camouflage short, on the other hand, would have been quite easy to initiate. My current target is 1152.10.
