Comex Gold Futures

A rally today exceeding 899.50 would turn the hourly chart bullish. That wouldn't be enough to negate our 845.20 downside target -- a print at 970.10 would be needed to accomplish that -- but it would be an encouraging start. If and when the futures fall to

Sellers turned timid after bullying the futures down to within three ticks of a key low at 885.00 recorded in mid-March. The support looks much too obvious to work, and so we should prepare for more weakness this week down to at least

I noticed something odd about June Gold's chart this evening during the Hidden Pivot webinar: The February 20 high at 1009.80 did notsurpass a key peak at 1012.40 recorded last July. As a result, it yields a more bearish conclusion than

Yesterday's fleeting spike was constructive, since it poked slightly above the last fleeting spike, 934.70, recorded two days earlier. This refreshed the bull trend despite the selloff that followed, and it also put into play a

A midpoint support at 907.60 that comes from the daily chart (A=1009.80) should be used as a minimum downside target for now, but if it's decisively breached expect the downtrend to continue to at least

The rally missed our bullish benchmark by 0.70 yesterday (basis June), hinting that there is not enough conviction to keep Wednesday's short-squeeze going on merely bullish buying. The good news is that bears are still very much on

On the hourly chart, Gold's impulsive declines continue to show more power than the rallies. For instance, although last Tuesday's low exceeded a key bottom at 891.90 recorded a month earlier, the rally since has so far failed to answer the thrust with a correspondingly strong upthrust. That would have required a push touch

Study the chart closely, because it would take me a thousand words to explain all that is going on here. What do we notice first? This: The first bearish impulse leg to form on the daily chart since January occurred earlier this week with Tuesday's slight penetration of an earlier low from February 9 at 891.90. This down-leg looks pretty docile, though, since it lasted all of three days and reversed without breaching two more "external" lows that look like they should have been dead meat. So what of it? Well, for one, it could set up a nice buying opportunity at

The downside targets given here yesterday remain valid, as do the bottom-fishing opportunities that I detailed with stops. (To find this recommendation or any other in the archive, simply search on "April Gold" or the relevant symbol.) Concerning bullish prospects for the near term,