Gold got pummeled on Thursday, but this may have opened the door to some cautious buying Friday or Monday down around the 1035.70 Hidden Pivot support shown. Given the sexy look of the ABC pattern that produced the target, it seems most unlikely that we won’t see a tradable bounce from somewhere very near it (i.e., within about 0.60 points). To get aboard, you could bid there, or perhaps a tick or two above, with a stop-loss as tight as 1034.90. If you want to control risk even more tightly, however, I’d suggest entering on an uptrending abc pattern of three-minute degree or less after the futures have gotten within 0.40 points (i.e., 1036.10) of the target. Click here for a free trial subscription that will allow you to access the chat room, Rick’s daily touts and intraday alerts, and ‘impromptu’ analysis sessions online for two weeks.
