June Gold reversed sharply yesterday after peaking a single tick below the 1254.70 rally target I’d proffered here the night before. Some subscribers evidently were able to use the target to their advantage, but because no one got short at the top, I have not established a tracking position. Despite the $14 sell-off that followed yesterday’s high, my outlook remains bullish, tied to the 1279.80 Hidden Pivot target that has served to keep us on the right side of the trend. For obvious reasons, buy-and-hold strategies are not appropriate at the moment. However, the pattern shown should do just fine for traders wanting to test the water, staking out a speculative long position for a possible shot at 1279.80. To bolster your confidence, I’ve included a chart that shows why yesterday’s spiky top was nonetheless bullish. The crucial evidence of this is that the intraday high slightly exceeded an external’ peak at 1254.20. That makes the hourly chart impulsively bullish, and therefore well-suited to the goals of long-side traders. _______ UPDATE (April 28, 9:42 p.m. ET): Everything has worked out almost precisely as predicted above. As of this moment, June Gold is up $10, having gotten as high as 1278.20. I hope subscribers got a nice ride! A push decisively past 1279.80 would put in play some targets above $1300. For exact details, check out the recording of this afternoon’s ‘impromptu’ technical analysis session. It should be up and available to subscribers by later tonight or early Friday morning. _______ UPDATE (April 29, 10:04 a.m.): June Gold is hesitating this morning at the exact 1288.25 midpoint pivot of a pattern on the daily chart that projects to 1384.40. If and when this number is decisively exceeded, we can use 1336.62 as a minimum upside target. Also, p=1288.25 will be usable as a place to enter with a ‘mechanical’ bid.
