Last week's impalement of the red line, a midpoint Hidden Pivot resistance at 103.58, is bad news for the geopolitical and economic world, since it implies June Crude will reach a minimum 128.19. Although the feeble point 'A' leaves a lot to be desired as a starting point for the pattern, it will do in a pinch. A pullback to the green line (91.28) would undoubtedly be read as relief, but this chart says it would be an opportunity to buy aggressively for a blast to new highs. A 'camo' trigger should be used to cut the approximately $12k entry risk by at least 95%. The tactic is detailed in a course I've made available free to subscribers.
A measly 3% rally would reach the 7499.75 target shown. This is a composite chart, so we shouldn't expect to see precise stopping power, but it should be close enough for government work. There are two other Hidden Pivot resistances to hold in mind if the futures keep going: 7644 and 10,336. That last number is the highest I can project on the monthly chart, and it is intended to stretch your imagination, especially if you are a permabear. Because penetration of p=6166.00 was effortless and decisive, it's all but certain the lower target will be achieved. Since this is the bull market that won't die, don't assume the target will mark an important top unless it coincides with Iran's complete surrender.
I've arbitrarily chosen to emphasize the bullish side of this chart, using a reversal pattern that projects to 5144.00. It assumes that June Gold is on a 'mechanical' buy signal that triggered last week with a dip below the red line (p=4363.30). (It missed being stopped out by 4467 by $55.) The somewhat bearish possibility starts with A=5474, the March 6 high. The corresponding midpoint Hidden Pivot support at 4244.8 would be a back-up-the-truck number for bargain-hunting bulls.
The potentially important low I signaled a week ago caught the exact bottom of a powerful, $20 rally. It came within 11 cents of the 98.50 target for the June contract, then receded by nearly $6 to finish the week. Are bulls depleted? We may know soon, since, with moderate selling to start the new week, the retracement will test the 89.41 midpoint Hidden Pivot support of a reverse pattern on the daily chart (a= 96.93 on 4/13). It should hold if Crude is going to challenge the spike high at 104.34 recorded on March 9. Otherwise, a decisive breach of p would open a path down to at least 80.43. This analysis should prove as accurate as the one proffered last week, since the patterns on the chart are equally compelling.
The chart leaves little doubt that June Gold will achieve the 5144.00 target, a Hidden Pivot. If it takes as much time to get there as it did to complete the A-B impulse leg, this should happen within the next ten days or so. A pullback to the green is not inconceivable; it would add more time to the ascent but would also be a gift, since the 'mechanical' buy signal it would trigger would be of the highest quality. Our main concern should be price action when the uptrend reaches 'D', since a decisive move past it would imply significantly higher prices lie ahead, starting with a test of January's all-time high at 5666.
The 7208.75 rally target has excellent potential as a place to get short, although we shouldn't expect it to contain the stampede. With a conceivably perpetual cease-fire in the offing, this would seem to be the kind of uncertainty Wall Street can live with. Trump might wind up achieving none of his key objectives in the war, but that hardly matters to investors stoked by greed from the stock market's robust performance amid an ostensible global crisis. The nearest significant obstacle is a midpoint Hidden Pivot at 7230.25, but if the futures shred it, the previously mentioned 8107.25 target will be in play.
The 7230.25 midpoint resistance shown is my minimum upside objective for the near term. It will pose a crucial test for bulls, since a decisive penetration, especially on first contact, would imply that the rally is likely to continue. The immediate objective thereupon would be p2=7668.75, but as always, a swift move through it would clear a path to as high as 8107.25, the D target. The 7230.25 pivot is a must-short, provided you're adept at using 'camo' triggers to curtail entry risk. The technique is described in the Hidden Pivot Course I've made available for free to all old subscribers and to new ones who have signed up for a full year.
Although the 5144.00 rally target shown remains a secure minimum upside objective, waiting for it to be achieved has been agonizing. That's because, as we know, gold's institutional sponsors could wipe out ten weeks' worth of ratcheting, tedious gains with just one of those sleazy hit-jobs to which we'd grown accustomed during the bull market's incipient stage. If the swoon comes next week, I would not recommend bottom-fishing with a 'mechanical' bid at the green line, since the trade has an elevated probability of getting stopped out. This opportunity, if it comes, will be via a 'green-line' buy only, assuming the futures get socked with a bout of weakness by those most intent on adding to their hoard at fire-sale prices. That's how the game works.
The futures were unable to summon the energy on Friday to screw even the proverbial pooch, although I still suggested trading, or at least monitoring, a bullish 'mechanical' possibility that is detailed in the chat room. It would attempt to leverage a 6975.00 rally target derived from a conventional ABCD pattern that is made more explicit in a version of the chart linked in my post. I have stripped the one accompanying this tout of visual qualifiers because of my growing fear that AI can be used to rip off my system. The rally target is associated with a pattern smaller than the one yielding a 7030.75 target drum-rolled here earlier. It will remain valid regardless of what happens to the Hidden Pivot at 6975.00, which you can short if you have profited on the way up.
Although Gold was nearly flat for the week, a fist-pump on Wednesday precisely to the 4890.10 secondary Hidden Pivot shortened the odds of a continuation to a by-now familiar target at 5144.00. Although a pullback to the red line would trigger a 'mechanical' buy, stop 4467.50, unless you know how to craft a camo trigger, I'll recommend doing this trade only at the green line (x=4382.40), stop 4128.40, even if the futures are unlikely to fall that far to get a running start on d.
