December Gold (737.30)

It’s been nearly two months since Comex Gold generated any promising impulse legs on the hourly chart. Instead, gold’s bullish thrusts have been fleeting, with nary a hint of follow-through. We’d be mildly encouraged by a pop this week to 782.30, a tick above a small but crucial peak etched on the way down on October 21. But if it doesn’t come, the 628.10 target broached here earlier will continue to retain its magnetic allure. More immediately, a midpoint Hidden Pivot support at 718.60 looks like the best place to try bottom-fishing with a tight stop-loss. Please note, however, that a decisive breach of the support would hint of further weakness over the near term to as low as 683.30.