With today’s strong surge, June Gold demolished a 1279.80 Hidden Pivot resistance, putting in play the 1464.90 target of a pattern of far larger degree. The pattern seems ambitious, but it is technically justified by our rules, since it is the only pattern we’ve got to work with at this point. It implies that we should use the 1297.40 midpoint pivot as a minimum upside objective for the near term. As always, we’ll be watching closely to see how the futures interact with that ‘hidden’ resistance the first time they encounter it. An easy move past it on the first try, particularly if it hits 1315 or so with no pullbacks, would make the 1464.90 target an odds-on bet as far as I’m concerned. It would also make the red line available to us either for placing a ‘mechanical’ bid or converting this type of entry trigger into a lower-risk camouflage entry. Stay tuned!
