April Gold appears to be consolidating Wednesday’s sharp rally, which was caused by the Fed’s apparent misgivings concerning any future rate hikes. The bullish pattern, along with its 1301.80 target, remain viable nonetheless, although the best place for a ‘mechanical’ bid has come down to p=1244.95, stop 1225.90. The implied $1900 of theoretical entry risk can be reduced by as much as 95%, however, by employing a ‘camouflage’ entry technique if and when 1244.95 is hit (shown as a green line; see inset). This would entail generating an entry signal with an ABC-type pattern on a chart of much lesser degree (i.e., the one- or three-minute bars). If you are not familiar with this type of trade, tune to the chat room for guidance in real time.
