Gold’s ascent toward the 2760.70 target shown has paused in a logical place, at the p=2543.90 Hidden Pivot midpoint of the pattern. Although the strong push the futures got last February when they left the launching pad is reason to expect the target to be reached, we’ll be better able to assess the odds once we’ve seen how buyers handle resistance at p. A stab through it would all but guarantee more upside to at least p2=2652.3, the secondary pivot. In the meantime, we should alert to the possibility of a correction to the green line, x=2435.40, since that would create an excellent ‘mechanical’ buying opportunity.
GCV24 – October Gold (Last:2504.50)
