The 2306.40 rally target we’ve been using for nearly a month looks like a lock-up at this point. April Gold’s ascent has been so urgent that there was only one ‘mechanical’ opportunity to buy a pullback on the daily chart. That occurred with a dip that barely brushed the red line, never mind fell to the green one. Friday’s stab above p2=2228.30 was further evidence that a run-up to D has become all but unavoidable. Even so, we should pay close attention to price action near 2290.80, the target of a much larger pattern on the weekly chart. Although I expect the futures to get past it, the closely coincident location of the two targets implies that an important top could form at the 2300 level. Note: The equivalent D target for August is 2344.60, _______ UPDATE (Apr 5, 11:28 a.m.): The June contract is closing on a potentially VERY important target at 2356.90! Here’s the chart.
GCJ24 – April Gold (Last:2217.40)
