Gold has been testing our patience for more than two months, consolidating a bullish pattern with the potential to reach 1437.60. Anything above that Hidden Pivot resistance would be hinting of more upside to as high to 1465.85. Both numbers are clear and compelling, so an easy move through either would be quite bullish. The lower of the two targets will remain viable as long as the futures don’t fall beneath the 1309.30 point ‘C’ low of the pattern shown. I can offer no guarantees, but this wouldn’t necessarily be the end of the world; it might be just Mr. Market’s way of pushing bulls a few steps beyond disappointment and toward despair. In any event, we’ll wait for it to happen before we reassess the longer-term picture, which remains bullish. _______ UPDATE (April 2, 7:41 p.m. EDT): Today’s rally was robust, so the 1373.50 midpoint resistance shown in the original chart (click on inset) can serve as a minimum upside projection for now. This is gold, remember, and we’ve grown used to disappointment, so don’t regard the 1373.50 target a lock-up, at least not yet. ______ UPDATE (April 8, 5:30 p.m.) While we wait for something…anything to happen, let me put things in perspective: For every day of pleasure we get from this vehicle, we’ve learned that there will likely be a least ten days of boredom and/or pain. It is manifestly NOT in a bull market. Understood? ________ APRIL (11, 1:03 a.m.): Finally, the futures have caught a favorable breeze. Use the 1372.80 target shown as a minimum upside projection for the near term. _______ UPDATE (April 11, 5:28 p.m.): Yet another failed rally? Today’s thrust to 1369.40 came close to the target, but not close enough that we should be even slightly impressed. Remember, it must EXCEED the target to warrant our attention and enthusiasm.
