Just One Good Thrust Would Muzzle Gold Bears

May 11, 2016

Bulls barely kept their heads above water Tuesday and will have their work cut out for them if they are to avoid a dunking. That would require a print at 1277.80, a mere $7 above current levels. The most bullish scenario I could imagine at the moment would be a thrust over the next two days exceeding the 1297.05 midpoint Hidden Pivot of the pattern shown. That would steepen the trajectory of the rally since mid-February while presumably quieting the bearish buzz that seems to attend every bout of weakness lasting more than three days.

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