Although Friday’s dive failed to reach, much less penetrate, the 1208.25 Hidden Pivot support shown, we shouldn’t get our hopes too high, since gold will remain under pressure as long as stocks are held buoyant. Accordingly, we should look for the futures to continue falling to at least 1195.40, the D target of the pattern shown, or to 1192.30 if any lower. You can bottom-fish either Hidden Pivot with a stop-loss as tight at four ticks, but I’d suggest doing so only if you’ve been short for at least a part of the ride south. ______ UPDATE (April 5, 9:46 a.m. ET): Gold has rallied weakly from nowhere in particular and for no compelling reason. The June contract would need to reach 1262.30, just above a peak from March 22, to look just a little impressive.
