December Gold (812.40)

The futures telegraphed weakness last week when they failed on Thursday to reach a relatively easy target at 851.80. (The actual high was 849.70.) Now, shortly before 5 a.m. Tuesday they appeared southbound for a minimum 803.60, or 799.30 if any lower. That second number, a Hidden Pivot support, would be the more conservative spot to try bottom-fishing, since a stop-loss as tight as 0.40 points could be used. Please note, however, that the low so far tonight has been 805.10, and that the targets given above would be negated if the futures top, respectively, 811.00, or 813.00. _______ UPDATE: The 799.30 support failed, suggesting that still more weakness lies ahead. For the moment, though, Gold has rallied about $17 off a $795.20 low. Today’s effort would need to go another $9, though, topping 822.40, to put bulls back in command.