Comex Gold Futures

A Hidden Pivot support at _____is the best of an unappetizing lot, but it would become a realistic downside target for the near term if the futures bludgeon its sibling midpoint at 910.30 into submission. The support has already been exceeded by three ticks -- not quite enough for us to infer

Gold looks well fortified to buck the insanity on Wall Street, so expect it to hang out at worst if the broad averages get goosed higher again today. However, if the June futures break higher, we should expect the rally to hit a minimum _____ before week's end. As the accompanying chat shows, the rally

I try not to sugar-coat the outlook for Gold each day, but we should all have grown weary by now of looking for glimmers of hope in each and every bullish impulse leg that occurs on the 15-minute chart. Yes, I am still bullish on the long-term picture, and I do think Gold will make a run for $1000 when

Gold did what we asked of it yesterday, but can it keep the streak going for a second day? We should expect no less if it's about to take off, so let's use a Hidden Pivot resistance at _____ as our minimum upside objective. That would complete the pattern shown in the accompanying chart,

A print at ____ is still needed to justify a bullish bias for the near term, although _____ might work if you're looking for a subtler signal. As of 11 p.m. Sunday, however, there was only the promise of a push to

Let's lower the bar slightly for determining whether buyers may have seized control. We'll put it at _____, a tick above where Gold began to unravel on Monday. Otherwise, we should expect

As a minimum downside target for the near term, let's use the ____ Hidden Pivot shown in the chart. The point 'B' I've used is not ideal because it failed to take out the cluster of minor lows recorded a week ago, but the overall pattern has the kind of heft that gives it authority. If the futures overshoot the target by more than 3-4 ticks, expect the selling to continue down to _____, a Hidden Pivot that you could bottom-fish aggressively with an _____ bid and a stop-loss as tight as 1.10 points.

Gold played touch-sies with our target yesterday, only to retreat timidly thereafter. The selloff did no technical damage, even on the 15-minute chart, so we shouldn't read too much into it. However, if the futures are to get back in bullish gear, we should ask that they demonstrate their intentions with a leap exceeding ____, a small but significant peak made on the way down in late march. That would create the kind of bullish impulse leg on the hourly chart that would not be easily reversed.

_______ UPDATE (11 a.m): The futures topped overnight at 919.70 -- four ticks from the target. We've lost count of the number of rallies that merely met the minimum requirement without going the extra inch that would have signaled real strength.