Gold is now strong bet to reach the 1389.60 Hidden Pivot that has served as our lodestone in recent weeks. However, notice how the February contract lingered for a while near the 1314.00 midpoint pivot before taking flight last week. This suggests the move to the target is more likely to be in fits and starts, taking perhaps two or three weeks or longer, rather than occurring with a few heroic leaps such as we’ve become used to in some of the nuttier stocks. Gold has been decidedly un-nutty in scaling the heights, almost as if those who manipulate precious metals quotes for a living have acceded to the bull only begrudgingly. No matter. We’ll continue to be patient and to take the measure of buyers at each significant rally target. As always, if they can easily push above a Hidden Pivot resistance as clear and compelling as the one at 1389.60, they’ll be telling us there is unspent buying power to push prices even higher.
