Although I can offer no guarantees that the 1702.00 downside target shown in the chart will definitively end gold’s seven-month dirge, it looks promising to produce at least a temporary bottom and a high-odds spot for bottom-fishing. A tightly-stopped limit bid very near the target is one way to go, but if you’re proficient with ‘reverse ABC’ (rABC) set-ups, try using the 1759.00 low recorded on February 9 as point ‘A’ before you start positioning ‘C’ somewhere below 1703.00. This trick will still leave about $1400 of entry risk per contract, but you can cut that by as much as 80% using an ‘artificial’ point ‘A’ at 1782.20, last Wednesday’s low. A third option, for Pivoteers who have been attending Wednesday classes regularly, would be to employ a ‘camouflage’ trigger on the five-minute-or-less chart. _______ UPDATE (Mar 3, 3:50 p.m. EST): The April contract struggled to hold above the 1702.00 target, but if it gives way you should brace for more slippage to D1=1660.40, or thence to D2=1630.50, my worst case low for the bear cycle begun last August. D2 requires using the ‘marquee’ high, A2=2107.60 — an unusual choice, but our only option if the downtrend progresses. So far, D=1702.00 has been exceeded by just 2.60, not enough for us to infer the Hidden Pivot support has been compromised. Each of the targets can be bottom-fished with a risk-averse set-up based on the Hidden Pivot method, but if the last is reached, you can be more aggressive.
GCJ21 – April Gold (Last:1713.80)