The accompanying chart shows the least ambitious bullish scenario one could concoct for Wednesday. The rally pattern was validated by the precise stall at p=1233.65 and implies that June Gold will ascend to at least 1240.20, a modest feat, if it can get past the pivot. An easy move above 1240.20 would open a further, bullish path to 1249.90. Traders can use a pullback to p=1233.65 to get long, provided it meets our simple criteria for ‘mechanical’ trades. Ask in the chat room if you’re unsure about how these trades set up. _______ UPDATE (April 6, 10:43 p.m. ET): A beautiful ‘counterintuitive’ set-up (30-minute, a=1216.00 on 4/4 at 8:00 p.m.) stalled at the midpoint pivot, hinting of weakness to come. Bulls would need to surmount the new ‘p’ at 1228.60 to get back in gear. That would open a path to a modest rally target at 1240.00, with corresponding ‘mechanical’ opportunities to get long on pullbacks either to 1228.60, or to p2=1234.30.
