GCZ10 – December Gold (Last:1379.40)

December Gold (GCZ10) price chart with targetsThe $17 selloff that followed yesterday’s pre-dawn spike did nothing to disturb a 1415.40 rally target given here earlier. Notice in the accompanying chart how the low of the pullback came within an inch of touching a Hidden Pivot midpoint at 1370.50. That number was resistance when the futures broke through it a day earlier, but it is now acting as support.  Shortly after 9 p.m. EDT Thursday, the December contract appeared reluctant to unleash another thrust and had stalled at a level equal to a 1383.90 peak recorded intraday.  It’s too early to say whether this portends sluggishness on Friday, but it does suggest that buyers are not feeling as feisty as they were the night before.  A day of backing and filling might be just what this rally needs.