The rally sputtered out between two Hidden Pivots noted here earlier (1345 and 1354) but we’ll give bulls the benefit of the doubt because upthrusts have consistently been exceeding external peaks going back to last summer. For now, stick with the ambitious 1378.70 target broached here earlier. If the pullback hits X=1305.80 it would trip a ‘mechanical’ bid that may be worth considering. Here’s a chart that shows the pattern yielding the 1378.70 target. _______ UPDATE (Feb 28, 9:35 p.m. EST): The correction begun a week ago from 1350 looks bound for at least 1309.30. I expect a bounce from within 3-4 ticks of that number, but the futures may ultimately have to test a low at 1304.70 recorded on Feb 14 to get traction. _______ UPDATE (Mar 1, 8:02 a.m.): It is NOT a healthy sign that April Gold has failed to hold the crystal-clear support at 1309.50 (slightly corrected from earlier). Let’s see if the 1304.70 low holds. If not, and the ‘C’ low sits right, I may suggest a ‘counterintuitive’ buy. Stay tuned to the chat room for timely details.
