Subscribers should have exited a profitable long trade using a 1942.30 stop-loss before the futures turned limp on Friday. The fact that a moderately appealing ‘mechanical’ play didn’t work better suggests weakness will be the coming week’s theme. But probably not too much of it, since sellers have not shown much gumption either. My gut feeling is that DaBoyz will stop out C=1893.20 before they gratuitously reverse until hopes are high enough to dash yet again. Set your snooze alarm for 2018.40, a tick above an ‘external’ peak recorded on March whose breach would signal a bullish resurgence. _____ UPDATE (Apr 25, 5:04 p.m.): After plunging sharply overnight, the reversal came exactly as anticipated, from a hair below C=1893.20. One subscriber reported making hay with the $13 rally that ensued. The futures spent the rest of the day playing footsies with ‘C’, leaving me with little more to say at the moment. _______ UPDATE (Apr 26, 11:55 p.m.): Although June Gold has bounced from precisely where we’d anticipated, the countertrend has been weak. This has activated the bearish pattern shown in this chart, with a D target at 1825.80. It is an odds-on bet to be reached because of the easy with which the downtrend penetrated p=1914.40, then made it resistance. _______ UPDATE (Apr 28, 10:16 p.m.): The futures bounced sharply off p2=1870.10 of the bearish pattern that projects to 1825.80, delaying a still-likely fall to that number. This has activated Matt’s Curse in a bullish way, although I’d need to see the rally surpass 1922.80 before I change my tune.
GCM22 – June Gold (Last:1902.40)
