April Gold’s wild gyrations came within an inch of triggering mechanical buy signals twice today at the green line shown in the chart. The trouble is, there was a $10 rally separating them, and the first pop should easily have reached the ‘D’ target at 1600.50. Instead, after the futures topped $10 shy of it, bulls had to endure a mini-crash at day’s end when bullion quotes reflexively dove on a late-afternoon short-squeeze in the broad averages. If the weakness carries into Friday, the futures would become a moderately enticing buy at 1564.60, the midpoint Hidden Pivot support of a pattern on the 30-minute chart that began on January 8 from 1603.00. To cut the entry risk down to less than $1 theoretical, I’d suggesting using an rABC pattern where a=1581.60 at 9:00 a.m. on 1/30.
