The pullback that has followed Friday’s surge is shallow so far, suggesting that the futures are poised to move higher. If so, a decisive push past 1147.30, a midpoint Hidden Pivot resistance, would clear a path to as high as 1165.00, the ‘D’ target of the pattern shown. The target is already in play, since a theoretical entry signal was tripped Monday morning at 1138.50. Night owls looking for a low-risk way to get aboard should zoom down to the 10-minute chart or less to find a suitably subtle impulse leg for the task. Be prepared for a false signal or perhaps even two, since the rally will not have gone unobserved by bulls tired of sitting on the sidelines. _______ UPDATE (11:30 a.m. ET): Gold took off overnight, but I am not establishing a tracking position because any subscriber who got long did so on his or her initiative with no help from me. There were no ‘mechanical’ buying opportunities, and even camouflage entry set-ups were too tricky to exploit. Regardless, the 1165.00 target given above remains valid, with a shot at 1186.50 (first noted here a while back) if it’s easily exceeded. _______ UPDATE (10:44 p.m.): The futures were in a correction Wednesday night that promised to reverse tradably from p2=1140.40 or D=1137.40. (60-minute, a=1153.60 at 9:00 a.m.; b=1141.30 at 11:00 a.m.). As always, an easy down-move through D would portend further weakness.
