GCZ09 – Comex December Gold (Last:1015.00)

The futures failed to reach a targeted pullback low at 993.00 yesterday, suggesting that  the bounce off the actual low at 996.30 is likely to reach its ‘D’ target, 1012.10.  The futures appeared to be corroborating this scenario Monday night by pushing above the uptrend’s midpoint pivot. _______ UPDATE (10:20 a.m.):  The futures blew past 1012.10 on the first hourly bar where they encountered the resistance, implying more upside over the near term to at least the next Hidden Pivot target, 1029.10.  Its sibling midpoint at 1012.70 is a logical place for a consolidation to bottom, so buyers should take note if a pullback comes down that far.