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Offer extended through Friday (9/3).
On a wrenching day, gold managed nonetheless to shinny two-thirds of the way up the flagpole created by last Thursday’s dive. In the process, the December contract settled just above the 1006.80 midpoint resistance shown in the chart. This portends more upside to its ‘D’ sibling, 1028.10, but I don’t trust that target so thoroughly that I’d simply buy here with a 7-point stop-loss. Better to use camouflage, which can be found in a look-to-the-left peak at 1011.90 that on the hourly chart is not really a peak at all. The assumption is that if you zoom in on the “knob” with a 5-minute chart, you’ll find a look-to-the-left peak there, just waiting to be used.
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