December Gold (847.30)

The December contract has been skating on thin ice, picking up support from multiple bottoms made over the last month between 820 and 830. This has not invalidated a by-now ancient rally target at 1014.70, but it wouldn’t take much — i.e., a dip below 822.50 — to do the job. To turn the intraday charts speculatively bullish today would require nothing less than a thrust exceeding 906.90. Otherwise, the 806.50 target given here yesterday still looks like the best place to put in a stink bid.