June Gold slightly exceeded the minor Hidden Hidden Pivot resistance at 1230.10 that we used last week to get on the right side of a bullish trend change and to stay with it. Now I’ll suggest using the pattern shown (see inset) to understand and exploit price action over the next day or two. It implies that a decisive push above the 1231.10 midpoint pivot is likely to hit 1235.50. You can see that it would take just a little more, specifically a move exceeding the ‘external’ peak at 1236.90 recorded last Monday, to put sellers back on their heels. _______ UPDATE (May 15, 6:35 p.m. ET): Gold did as it usually does today: two steps forward, one-and-three-quarter steps back. But not before generating a fresh impulse leg on the hourly charrrrrrrt by exceeding the 1236.90 ‘external’ peak noted above. Traders looking to get long should use this ‘counterintuitive’ set-up I’ve sketched hypothetically here. Please note that a point ‘C’ low beneath ‘A’ is allowable, but ideally it should fall within the range 1226.10 – 1227.20.
