The June futures have pulled back $22 so far after topping to-the-exact-tick at 1297.40, a longstanding target that has been in play since January. The target is actually a midpoint Hidden Pivot resistance, and the precise stall there has confirmed not only the pattern but its 1464.90 ‘D’ target. Now, if buyers are able to push decisively past the pivot, especially within the next 7-10 days, that would bolster the case for a move to at least 1381.10, the ‘secondary’ pivot, while also putting D=1464.90 in play. We won’t pretend to have a crystal ball, however, so let’s hang back for the time being and see how the correction plays out. If it reverses to create an impulse leg on the hourly chart without having achieved a ‘d’ downside target, that would have very bullish implications for the near-to-intermediate term. _______ UPDATE (Apr 23, 7:50 p.m.): Gold is getting brutalized Sunday night on news that LePen failed to capture the French presidency on the first ballot. Bullion’s downdraft may look like a big deal on the intraday charts, but it is not nearly sufficient to have any bearing on the analysis above.
