Place Your Bets in April Gold

The bounce from yesterday’s lows stalled at the 1280.20 midpoint pivot shown, but the rally target at1293.80 remains intact. Now, a fall below 1266.50, the point ‘C’ low of the rally pattern, would negate the target, but if the initial move on Tuesday pushes the futures above the red line for a second time, it would raise the odds of a follow-through to 1293.80 to 50-50.  Alternatively, an enticing bottom-fishing bet would gel if the futures were to fall to1262.20, the midpoint Hidden Pivot support of a downtrend begun from  A=1298.60 (see inset). You could bottom-fish there with a stop-loss as tight as 1261.80.

gold_2_February_2015

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