I’ve superimposed two bullish patterns of somewhat different degree to show how well April Gold has been doing traversing both. At the moment, in night trading, the futures have pierced the secondary pivot of the smaller pattern, shortening the odds of a continuation to at least D=1258.70. If that Hidden Pivot is achieved, it would mean that the p2 (pink line) of the larger pattern has been decisively exceeded, making its sibling ‘D’ target at 1273.80 an odds-on bet. Overall, although the follow-through (CD) leg of the large pattern has unfolded at a glacial pace, it looks well capable of reaching its target, especially with the smaller pattern helping to drive it. Hidden Pivot levels associated with either pattern can be traded ‘mechanically’, using the same rules that always apply. If you’re uncertain about how this works, just ask in the chat room. You might also check the archive, since many touts recommending ‘mechanical’ trades have been illustrated with annotated charts. _______ UPDATE (March 2, 12:27 a.m. ET): Amidst fretting and disappointment in the chat room yesterday morning, I posted the following: “Gold looks fine; there is no change whatsoever in my analysis. Its [recent] bullishness has been temporarily suppressed by a very buoyant stock market. This is the only ‘correlation’ working at the moment, but we should have become used to it over the last four-and-a-half years.” Period. _______ UPDATE (March 2, 9:51 p.m.): No Change.
