GCJ10 – Comex April (Last:1105.80)

The trendline that we used as a rally objective yesterday comes in around 1122.20 today, and it still looks like the number to beat. A push above it — or even better, a close above it — would light a fire under buyers. However, if the futures simply roll over, look for a tradable bottom at exactly 1090.10, a midpoint pivot that we can use for now as a minimum downside objective. Please note that its breach would portend more downside to as low as 1065.50.