GCZ09 – Comex December Gold (Last:1007.90)

Considering that Gold has simply been loitering near $1000, chat-room interest in the stuff seems somewhat fevered.  Relative to my forecast for the dollar and U.S. Treasurys (see today’s touts), I see bullion remaining under pressure for perhaps another week or two before it advances on a long-standing Hidden Pivot target at 1074.50.  I’ll be ready to reconsider if the December futures start pumping out some bullish impulse legs on the hourly chart (or even a mere 1001.70 on the 5-minute bars) , but until that time, keep the 970.80 downside target in mind as a worst-case number for the near term. _______ UPDATE (1:21 p.m.): We lucked out during this morning’s weekly tutorial session when a “camouflage” entry opportunity at 1004.50 popped up unexpectedly, allowed us to get long almost risklessly.  The ‘D’ target of the minor pattern used to make entry was 1005.70, but, as is the usual practice with camouflage entries, longs were to hold onto at least a small portion of their original positions for potentially bigger thrills ahead.  [Note:  Recordings of more than 30 Wednesday sessions are available to all seminar grads. The seminar fee includes three months’ access to the recordings, but if you’ve used that up, please contact mikej165@gmail.com to  renew.)