Just when you think you’ve got gold figured out, it pops a wheelie in the opening hour and zooms higher at a time of day when bullion rallies seldom occur. The move left the futures just shy of the 1278.80 target shown, but if buyers take out this Hidden Pivot resistance as I expect, look for the move to hit 1284.80. That target can be calculated by simply sliding the point ‘a’ low down to 1251.20, where the December contract bottomed on October 17 to commence a four-day rally. _______ UPDATE (Oct 26, 7:04 p.m.): Buyers stalled a whisker shy of the 1278.80 target, then spent the remainder of the session in relapse. The short-term picture remains bullish nonetheless, going back to a rally begun on October 14 from 1246.90, but it would turn bearish with a print below 1257.20. It is not a healthy sign that the futures were unable to achieve 1278.80.
