A 3533.90 ‘Hidden Pivot’ target has been our lodestone in gold since February when quotes were hovering around 2800.
The forecast has kept us on the right side of the trend, even if its very steep pitch has surprised even gold bulls. At the current rate, Comex June Gold could achieve the target by mid-May, if not sooner. That will not necessarily be the end of the bull market, but I don’t expect 3533.90 to give way easily. The target lies 5.7% above the current 3340, and the futures are closing on it quickly. If you’ve been sitting on the sidelines yearning for a piece of the action, you may not have much time to act before gold reverses into a punitive correction that is long overdue.
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Rick Ackerman