GCZ09 – Comex December Gold (Last:1017.10)

I’ll stick with the 1029.10 rally target flagged in yesterday’ s update, although a leisurely buy on a pullback to the 1012.70 midpoint associated with that number does not appear to be forthcoming. The print at 1029.10 would be a big deal, since, as noted here earlier, it would surpass a high at 1028.00 from July of 2008, refreshing the bullish impulse on the weekly chart.  That high is no less relevant because it occurred in thin trading, by the way. To the contrary, it is all the more legitimate as an “external” peak because it was recorded by the December futures, not by a continuous contract.