The punitive selloff from the $2078 all-time high recorded on March 8 has generated sufficient downforce to imply that a snap-back rally is unlikely. To be sure, however, let’s focus minutely on the lesser charts. The one shown has a corrective target at 1915.10 that was narrowly missed at Friday’s low. The target remains viable, but if the so-far-tentative bounce continues, each new peak it surpasses would have increasingly bullish implications. A key number is 1945.60, the midpoint pivot of a big, bullish pattern projecting to as high as 1973.80. _______ UPDATE (Mar 24, 10:50 p.m.): Two days of robust buying has shifted the focus to the bullish pattern shown in this chart. Expect minimum upside to p=1988.50, but if buyers bore through it effortlessly, a possible new all-time high at 2081.50 would come into view.
GCJ22 – April Gold (Last:1962.30)
