Monday’s strong rally occurred in the space of about 18 minutes, but it has taken DaBoyz nearly eleven hours to beat it back down to levels where, presumably, they can accumulate more gold before they let go of the reins. Careful here! We’ve become so used to seeing bullion rallies evaporate as fast as dew on cactus that we’ll need to guard against assuming that is the case now. One reason for being skeptical about selloffs at the moment is that we still have some unachieved rally targets: a minor Hidden Pivot resistance at 1350.40, and another at 1358.90. If these impediments are easily brushed aside, however, we should confidently expect the push to hit a minimum 1428.80 over the near term (i.e., 7-12 days). Traders looking for a low-risk entry opportunity should focus on opportunities as subtle as the one shown. With this vehicle, our goal is to pare initial risk down to no more than four ticks ($40) theoretical per contract. Click here to learn how you can reduce entry risk by using the ‘camouflage’ trading technique.
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