GCZ09 – Comex December Gold (Last:1083.40)

Gold did everything we might have asked of it yesterday, finally topping precisely at a 1087.00 target. This minor Hidden Pivot was identified and vetted during an impromptu webinar held for chat-roomers in the late morning.  After the close of the day session, the December futures poked up to 1088.50 in the early evening, giving way to a pullback that has been encouragingly shallow so far. My minimum upside target is still 1111.90 over the near term, with 1134.00, a familiar friend, beckoning above it. Night owls attempting to get aboard should focus on ‘D’ retracement targets that occur on the 3-minute chart. (Please note that there is also implied resistance at 1091.10, a target that comes from the two-minute chart andwhich uses yesterday’s vertical thrust from 1060.20 as an impulse leg.  This Hidden Pivot will get vaporized if the rapacious enthusiasm behind yesterday’s rally persists.)

Tagged as: Comex Gold Futures, Forecast, GCZ09, Gold