Comex Gold Futures

Just a few more baby steps and the futures will succeed at something that has haunted the long-term picture since February. At that time, a sharp, four-month rally narrowly failed to get past a key peak at _____. If the current thrust tops _____, it will create a quite powerful bullish impulse leg on the weekly chart. And incidentally, if the rally fails to get past gold's all-time recovery high at _____ (basis the Comex December contract), it could conceivably create a camouflaged entry opportunity on the weekly chart.  That would be rare indeed.

The futures look pretty neutral right now. Notice in the chart how yesterday's downtrend played out to within a single tick of a crystal-clear target on the 3-minute chart. Now, if the recovery rally hits or exceeds its target, bulls would be back in charge. _______ UPDATE (10:20 a.m.):  Gold's rally stalled a single tick above the 1019.40 target shown in the chart, and although I had said this would put bulls back in charge, I jumped the gun.  In fact, Gold needed to have exceeded the Hidden Pivot -- exceeded it by more than a single tick, anyway -- to suggest there's enough buying enthusiasm to take the futures to a new threshold.

Yesterday's bullish forecast and target worked well enough for at least one subscriber, Phil D., to make money while he slept: "Bought three minis below 1010 with a stop below your C-point before going to bed, got up this morning and saw we'd bounced just a hair over 1022, so I sold 2 at 1018+. Not a bad return on sleeping. Given the low risk, it seems I should have bought more. Keep looking for that camouflage!" And so we shall, since the immediate forecast still calls for a rally to at least 1074. As of 10:51 p.m., a camouflage "alert" was in effect, since the abc retracement highlighted in the chart failed to reach its ''d' target (or even its midpoint pivot). When this occurs, the first impulse leg headed in the opposite direction is the one we should look for to help us enter almost risklessly with the trend. So far, however, none of the minor rallies this evening have exceeded the required two peaks.

Looks like a minimum _____ from here, enroute to a bigger-picture target at _____ that I have more or less promised.  I won't try to split hairs with chat-roomers who have been monitoring gold's every heartbeat, every microtrend,  but I will pitch in with whatever camouflage entry opportunities may crop up (as one did yesterday morning).  There's another in progress at this very moment (albeit with a caveat), as you can see in the accompanying chart. Notice how Tuesday's high fell between the two labeled peaks to the left.

It's not often that we find potentially great camouflage on the hourly chart, but if December Gold moves as I have hypothesized in the accompanying chart, it will set up a beautiful entry opportunity at 'X' that seems very likely to give buyers a pleasurable ride.  I am not going to complicate my instructions by telling you how to get long in a hundred words or less, but will instead leave it up to pivoteers in the chat room to do the explaining if and when opportunity knocks Tuesday morning. _______ UPDATE (10:05 a.m.): Gold eased lower overnight, and so the entry opportunity we were looking for did not materialize.  The weakness hints of more downside to ____, or to _____ if any lower. Alternatively, an upthrust that touches _____ would put bulls back in the driver's seat.

Gold is feigning weakness Sunday night -- or perhaps not -- but its downward drift will have no significance, even on the lesser charts, unless it takes out a Hidden Pivot support at _____.  Ordinarily that would be a good spot to try bottom-fishing, but not this time due to it close proximity to a visually obvious low made Friday on the way up. There may be an opportunity for night owls to board with "camouflage," so I've included a chart that shows how just in case.

The short-term picture would turn mildly menacing if December Gold were to print down to 981.40 today. There were no promising handholds for nightowls as of 7:10 p.m., but I'd suggest looking on the 5-minute chart if you are seeking camouflage to get long with a penny-ante stop-loss.

Yesterday's patently spurious plunge should look more like a swoon by Wednesday mid-morning, when I expect gold will have recovered. The sell-off was very obviously caused by the nasty bull trap that ran stops placed slightly above a 1008.80 high made shortly after 4 a.m.  In a bigger picture, the _____ target given here earlier remains valid, although I should introduce another, lesser one at _____ that looks capable of showing some stopping power.  The less stopping power it displays, the more quickly and powerfully the next thrust is likely to develop.

With the G-20 meeting coming up in Pittsburgh at month's end, a breakout by gold above $1000 right now would be about as welcome as an elephant stampede at a garden party. This should therefore be an interesting month, since, if the central-bank conspiracy to suppress gold prices should be operating at full strength in the weeks ahead.  I'll stick with the ______ minimum upside target nonetheless, but I'm making no guarantees above that Hidden Pivot.