Pivoteers may have noticed that April Gold tripped a ‘counterintuitive’ buy signal when it rallied through the green line Wednesday afternoon. Odds that the rally will now reach the red line, a midpoint pivot at 1354.30, over the next 12-18 hours are at least 80% — about what we have come to expect for this type of trade. However, a decisive penetration of the pivot would imply this vehicle is on its way at least somewhat higher, to the 1373.10 target associated with the midpoint resistance. Above it sits the 1394.20 target of a much larger, bullish pattern that goes back to July 2017. (Note: For the March contract, the published target was 1389.60.) _______ UPDATE (Feb 1, 12:30 p.m.): If you did the trade, perhaps belatedly, I recommend exiting the position now at around 1346.00 for a small profit. CI trades in particular should NOT be allowed to test our patience.
