By: Jeff Cooper

Hit and Run Trading Morning Report - May 10, 2024

Gold Bull Resumes: Point Of Recognition

“It’s a hit and run, oh no
Double crossed by a neon pill
Like a loaded gun, my love
I lost control of the wheel”
-Neon Pill by Cage the Elephant

The following alerts from Wednesday and Thursday on the Hit and Run Private Twitter Feed flagged the resumption of the Gold Bull.

The resumption of the Gold Bull is in the context of the big picture setup walked through this spring in our report Hellooooo Mr. Gold.

Why now?

This week’s turn to the topside was forecast by the Square of 9 Wheel.


GLD struck a low of 168 in early October.

168 “points” to this week.

Notice how 225 is one full revolution or one full square of 360 degrees up from the 168 low.

Notice how 210/211 represents a 90 degree correction.

GLD tailed up from a low of 210.71 last Friday leaving a signal reversal bar…a Lizard buy signal (a new 10 day low leaving a Bottoming Tail).

Notice the 3 Drives To A Low into last Friday.

We’ve been looking at 216.50 as the upside pivot.

GLD closed at 216.95 yesterday, recapturing its 20 day moving average in the pricess.

Clearing and holding over the open gap above at 220 is explosive.

Offsetting the large range reversal from April 12th’s square-out high at 225 triggers a continuation Keyser Soze buy signal.


April 12th was a reversal day. A Reversal Of A Reversal is bullish as fast moves often come from false moves.

I noted above that 225 was a square-out.

This is because 225 is a full 360 degree price cycle above the aforesaid 168 low (Oct 2023).

Therefore, momentum through 225 kicks open the door to higher prices.

The initial objectives would be our long standing 240 projection and then 257.

It would not be surprising to see these obtained quickly.

In sum, GLD is following thru up 2.90 pre-market as I write this morning.

Our AGQ double long positions (added to yesterday) is up a buck to 37.40.

Silver has massive Ketcup on the table as do the gold and silver miners in relation to gold itself.

With this impulse up following a correction and my expectation that GLD will knife thru its April 12th reversal, a point of recognition will hit the market in the back of the head like a 2 X 4.

That point of recognition is a change in character: whereas a strong reversal bar like April 12 would have sent gold into a Tail Spin over the last 10 years, this time is different.