We Nailed Gold’s High Within a Dime, but What Now?

Yesterday’s strong rally, amounting to $26 from low to high, topped within a single tick of the 1208.60 target I’d provided. This validates the pattern itself (see inset), with the implication that any upthrust exceeding the high would be a good bet to reach 1238.90 precisely. That is the Hidden Pivot ‘sibling’ of yesterday’s target, and odds are good that it will be reached. I say this because the rally itself refreshed the bullish impulsiveness of the intraday charts when it exceeded some ‘external’ peaks from last week. The pullback thus far has been shallow, but traders should use the small ABC pattern at the rightmost edge of the chart to generate an entry signal. To limit risk, the actual trade should be done on chart of 3-minute degree or less once it has been tripped on the larger charts.

gold_2_April_2015

 

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