The futures recovered somewhat after getting knocked down midweek, but not before they’d impaled a 1592.80 midpoint resistance tied to a bull-market target at 1732.50. Odds of reaching so optimistic a benchmark would shorten if the monthly bar finishes above the 1592.80 midpoint pivot. There’s little value in speculating about this now, but if the futures pull back to the green line at 1523.00, that would trip a moderately appealing ‘mechanical’ buy signal we can leverage in several ways. For detailed guidance in real time, tune to the chat room if weakness brings the February contract down another $30 or so. _______ UPDATE (Jan 14, 10:05 p.m.): Buyers have come back to life with a bounce precisely from the midpoint Hidden Pivot support shown in this chart. The rally will become interesting if and when it exceeds C=1564.10 of the pattern shown, wrecking the short-term-bearish look of the lesser charts. ______ UPDATE (Jan 21, 8:14 p.m.): It’s just like gold to pop above my number, 1564.10, and then to tank. I’d said that such a rally would pique my interest, but I must confess that it has only tested my patience. For now, you can use p=1549.30 shown in this chart to get long a tick above with a stop-loss as tight as four ticks. If you can convert this to an rABC set-up, it would improve your odds. _______ UPDATE (Jan 22, 9:36 p.m.): Today’s marginally higher high created a new point ‘C’ along with a new midpoint pivot at 1552.70 where you can attempt bottom-fishing. I’ve labeled a and b coordinates in this chart that would be appropriate for using an rABC set-up to get long, but a 1552.90 bid, stop 1551.90 will suffice, albeit with somewhat more risk. _______ UPDATE (Jan 23, 10:37 p.m.): The recommendation proffered above — a limit bid at 1552.90 with a very tight stop loss — could have produced a gain of as much as $2500 for 50 minutes’ work, since there was a $6.40 bounce from this midpoint Hidden Pivot before February Gold relapsed. The resulting low provided an even more lucrative opportunity for the rABC-minded night owl (x=1552.50 off A=1552.00 at 3:10 a.m.), assuming you still hold a piece of the position.
GCG20 – February Gold (Last:1561.20)