Gold’s last bounce originated in a healthy spot, the 2844 midpoint Hidden Pivot support of the corrective pattern shown. A decisive plunge through that level would imply more slippage to as low as d=2714.7, but there is nothing in the price action of the last two weeks to suggest that is likely. The April contract may need to consolidate some more before it can attempt a push to new record highs above 2974.00, but even a mellow dip beneath 2844 would not spoil the bullish picture. If the futures were to fall to 2714 nonetheless, that would be an opportune spot to load up the truck.
GCJ25 – April Gold (Last:2914.10)
