Gold had a brush with serious injury on Friday when it touched a 2844.10 midpoint Hidden Pivot support associated with a worst-case ‘d’ target at 2714.10. The April contract took a robust bounce to end the week, but a retest of the support is likely. It would require two consecutive weekly closes below p=2844.10, however, to imply that more downside to D awaits. Regardless, the futures were a good bet for bottom-fishing near Friday’s lows. Immediate potential was to 2876.60 (30m, a= 2903.30 on 2/26), or 2889.10 if any higher. If an upthrust decisively penetrates that last Hidden Pivot resistance, it would imply that bulls have regained control of gold. Alternatively, a crushing fall through 2844.10 would portend more slippage to at least 2779.10.
GCJ25 – April Gold (Last:2867.30)
