GLD looks light and frisky as it continues to frolic above the red line (see inset), a midpoint Hidden Pivot that has become support. This strongly implies that its dance is a consolidation for a push to the 130.84 target shown. Let’s try a mechanical entry if there’s another pullback to the red line. Bid 124.15 for 200 shares, stop 121.88, good through Monday. I may provide an alternative trade using call options, but that will require perfect timing and perhaps a ‘camouflage’ set-up to get us aboard. If you need guidance for this in real time, check ‘Email Notifications’ on your account dashboard and drop in on the chat room should GLD come down to within 0.15-0.20 points of 124.12. ______ UPDATE (Jan 15, 5:17 p.m.): GLD has taken flight today without first deferring to our niggardly bid. Oh well. The immediate target and minimum price objective is p2=127.54. The target can be adjusted upward to 130.92, a Hidden Pivot that comes from the daily chart (click here to see it). If there’s a pullback that affords us a good ‘mechanical’ opportunity to get long I will provide further, timely guidance via the chat room and ‘Email Notifications.’ _______ UPDATE (Jan 21, 5:04 p.m.): GLD has traded as high as 127.22 — just shy of the target. I remain confident 130.92 will eventually be reached. In the meantime, a pullback to the red line (124.16) should be used to buy this vehicle ‘mechanically.’ In the week ahead, bid there for two round lots, stop 121.90. _______ UPDATE (Jan 30, 9:47 p.m.): If GLD is about to reverse direction and head into the 130s, the 126.36 Hidden Pivot support shown is a logical and promising place for the turn to occur. I am not explicitly recommending bottom-fishing at that price, however, because the a-b impulse leg is not of high quality. _______ UPDATE (Jan 31, 6:04 p.m.): GLD trampolined off an intraday low at 126.40, just 4 cents from where I’d projected. Now it’ll need to close above 128.26 for the rally to get legs. That would put a 130.11 target in play that would not negate the higher target at 130.92 given earlier._______ UPDATE (Feb 4, 5:08 p.m.): GLD has relapsed after trading as high as 128.15 — close, but no cigar. We’ll back away until this vehicle gets its footing. It would be a ‘counterintuitive’ buy Monday on a print at 126.89, provided 125.96 hasn’t been exceeded to the downside. However, I have no appetite for the trade because of the gratuitous way precious metals were savaged on Friday.
