Buyers on a roll for the last month have 7’d out just above the 2050.60 target shown. An alternative target at 2079.40 still looks likely to be reached, but probably not straightaway. The lower target must have been widely anticipated, since the futures head-faked above it a week later just to jack shorts who would have been celebrating the refreshing but short-lived $54 drop a week earlier. We’ll focus on short-term opportunities for the time being, with a mildly bearish bias. _______ UPDATE (Apr 19, 11:45 p.m.): My explicit guidance for getting long this morning produced a winner that could have been worth as much as $9,600 on four contracts. Traders would have experienced little stress on the ascent, since the trade proceeded straightforwardly from a voodoo number that caught the intraday low to the exact tick. Here’s the chart. For further details, and to determine whether you could have followed my instruction, see related posts from 8:12 a.m. forward. _______ UPDATE (Apr 20, 10:52 p.m.): Navel-gazing has driven gold psychotic, even if its price action is as predictable as ever. The June contract is currently bound for the 2028.80 target shown in this chart — and yes, it is shortable if you know how to manage the risk tightly. _______ UPDATE (Apr 21, 8:22 a.m.): The bearish, 1963.00 target in this chart goes against gold’s daily drug habit of reversing overnight smashes as the regular session begins, but that’s what will happen if sellers break p=1993.80 decisively. If you’re planning on bottom-fishing, be alert to the possibility that using the slightly higher ‘A’ available in the chart could lower the bottom from which the futures are likely to bounce to 1961.60.
GCM23 – June Gold (Last:1994.10)
