The 1679.20 rally target we used last week is still very much in play, but it will take a decisive thrust past it to imply buyers have the moxie to reach D=1782.30. A two-day close above the lower number would significantly shorten the odds of a move to at least p2=1730.70, but an intraday spike to around 1700 would be equally encouraging. That could conceivably set up a ‘mechanical’ buying opportunity on a pullback to x=1637 (the green line), so keep that in mind if the futures fall hard enough to make your stomach churn after rallying over the next day or two. _______ UPDATE (April 6, 8:38 p.m. EDT): Buyers have pushed the futures decisively past the 1730 secondary pivot this evening, implying they’ll have little trouble reaching the 1782.30 target flagged above. Once past it, the June contract should be presumed bound for the 1857.90 Hidden Pivot shown in this chart. This target is equivalent to one at 1852.00 that I projected for the April contract two weeks ago, when gold was $150 lower. _______ UPDATE (Apr 7, 9:40 p.m.) Buyers actually did have trouble when Monday night’s running start reversed and turned into a rout. The 1782.30 target remains viable nonetheless, but we’ll need to monitor June Gold’s ups and downs closely to find a safe spot for re-entry.
GCM20 – June Gold (Last:1681.70)