GCZ09 – Comex December Gold (Last:993.70)

The corrective rally Thursday night promised to deliver no more than 1000.10 — and that was only if the Hidden Pivot’s midpoint sibling at 997.30 is exceeded. Promises sometimes get broken, though, and we should take it as a bullish sign if it happens here. However, it would take nothing less than 1009.40 to turn the lesser intraday charts decisively bullish. If we study Thursday’s tumult from the top of the 5-minute chart on down, we find a Hidden Pivot at 976.10 that can serve as a worst-case target for the near term.  And as always, price action at the (988.80) midpoint pivot will tell us whether our coordinates are the right ones. _______ UPDATE (11:44 a.m.): The futures have closely followed our script, topping in the wee hours at 1000.50, four ticks above where predicted.  The subsequent breach to the  downside of the 988.80 support is a bearish sign for the near term, but it would be counteracted by a print at 1001.70.