Gold's Latest Rally Tops A Crucial Benchmark

Today’s rally was the most important in gold since it entered a bull market in December 2015. Actually, the rally has significantly raised the odds that the entire bull move since then has been impulsive rather than merely corrective of the bear market begun from above $1900 in 2011. It also put in play the 1474.4 target shown.  The rally achieved two additional feats, one of them crucial to the intermediate-to-long-term picture: 1) exceeded a 1352.90 Hidden Pivot target of middling importance; and, 2) pushed above the extremely important peak recorded on election night in November.

All of this adds up to a greatly improved technical picture for gold — one that we will be watching closely to get the most possible leverage from bull trades in the weeks ahead.

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