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The April Gold contract has fired Low Range Close, High Breakout Continuation Setup, and Momentum Pinball Buy signals for today's trading. The Low Range Close signal tells us that yesterday's late day weakness should carry on through to this morning's trading. The High Breakout Continuation Setup signal implies significant upside IF the prior day's high happens to be taken out. The Momentum Pinball Buy signal suggests that IF the first hour's high happens to be broken, the market is telling us something completely different than originally assessed, and we'd want to consider a long position. Cycle Indicators (chart at right) are moving into a region where short term cyclical lows often form, but the more immediate trend is to lower prices. Odds favor continued downside in today's early trading. Sell the break of yesterday's 1634.7 low with a stop just above the 1642.9 level of today's Daily Pivot. Price weakness below the Daily Pivot may provide clues for earlier entry. The Momentum Pinball Buy signal tells us to change our bias to the upside on a break of the first hour high.

 

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