Despite Gold’s labored price action near the midpoint Hidden Pivot (p=4950.00), it looks like a certain bet to reach the d target at 5476.70, about 3.4% above Friday’s settlement price. Since it delivered a perfect, effortless trade at the green line a month ago, there is a good chance that a tradeable top will occur at d. I am not recommending a short there, however, unless you have made money on the way up. You should also be aware that if buyers blow past the target, the next logical objective would be 5732.00, a Hidden Pivot resistance that is likely to show more stopping power than the lower one. ________ UPDATE (Mar 1, 10:49 p.m.): Tonight’s breakaway gap has raised the short-term minimum target to 5510.40, a Hidden Pivot with the potential to reverse the rally for a little while. The other rally targets remain viable. _______ UPDATE (Mar 7): The 5510.40 Hidden Pivot remains viable as a minimum upside objective for the near term, but you can add another at 5732.00 if buyers easily push past it. This chart shows the provenance of the target.
GCJ26 – April Gold (Last:5158.70)
