Bears couldn’t finish the job last week, stranding a fine-looking Hidden Pivot target at 1749.80 with a feeble rally to end the week. The target will remain valid nonetheless until such time as 1878.90 is exceeded to the upside. If and when that happens we shouldn’t get too excited, since bulls too have been unable to achieve ‘D’ targets associated with similarly reliable patterns. For trading purposes I’ll suggest backing up the truck to buy ’em if the futures get within 40 cents of 1749.80. A stop-loss as tight as 1747.90 can be used if the order is filled. _______ UPDATE (Feb 22, 4:37 p.m. EST): The futures went the ‘wrong’ way, getting nowhere near our bid. However, despite the seeming strength of the rally, it conspicuously failed to surpass an 1814.20 ‘external’ peak made on the way down last Tuesday. The peak seems likely to be exceeded soon, but the inability of bulls to accomplish this on the first try suggests that the coming rally is not destined for greatness. _______ UPDATE (Feb 24, 7:33 p.m.): No sooner was the 1814.20 peak exceeded than gold receded back into its wonted state of fake mournfulness. The 1749.80 downside target is still in play theoretically, but I’m not encouraging anyone to give it much thought.
GCJ21 – April Gold (Last:1801.40)