GCZ09 – Comex December Gold (Last:1104.00)

My minimum upside projection for the near term is still 1111.90, and December Gold’s interaction with that Hidden Pivot seems likely to tell us how much buying power may be percolating beneath the surface.  If the futures close above it, or exceed it intraday by more than $1 or so, we can infer that a target of greater magnitude — one at 1134.50 first broached here a while ago — is a good bet to be reached.  Regardless, I will continue to monitor gold’s vital signs closely on the intraday charts, since we wouldn’t want to miss an important turn that occurs without the targets having been achieved. ______ UPDATE: As expected, the futures rallied $10 bucks, making their intraday high at 1111.70 before pulling back to $1100. The next compelling target lies at 1134.50, but the December contract will need to get by 1111.90 first.

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