Bulls should enjoy smooth sailing up to the 4567.20 target shown. Allow for an alternative target four points higher, since I’ve used an irregular point ‘A’ low to construct a slightly reversed pattern. There should be little resistance at either Hidden Pivot, since the old high at 4584.00 beckons a test. The first obstacle above the peak is 4607.00, a ‘D’ Hidden Pivot derived from A=4319.70 (January 2) on the same chart. Since that number is unknown to other traders, it should provide an accurate ‘read’ on trend strength. You can short it with a ‘camo’ trigger if you are familiar with the tactic. ______ UPDATE (Sunday, 8:52 p.m.): Gold has opened more than $100 higher this evening, exceeding my 4607.00 target (see above), but not decisively. An update is warranted, however. Here’s a link to a chart that should be able to confirm or refute Avi Gilburt’s dramatic prediction of an imminent, major top in bullion. (See last night’s chat room post from 1:59 a.m.) The new chart shows two bullish patterns in play. The 4538 midpoint Hidden Pivot of the larger one has already been exceeded, but not with enough force to ‘guarantee’ that D=5176.00 will be reached. The smaller pattern has a midpoint resistance at 4625.75 that is about to be touched. If the futures blow past it, that would greatly shorten the odds of a further push to D=4967.00. In any event, p=4625.75 is where our focus should be right now.
GCG26 – Feb Gold (Last:4587.20)
