GCZ09 – Comex December Gold (Last:948.30)

I mentioned a downside target at 933.80 in an update  yesterday, but there’s another at 941.70 that now looks more compelling. Bottom-fishers can nibble there with a very tight stop-loss, but my hunch is that the futures will fall to the lower number if the first is exceeded by 80 cents or more. Alternatively, a run-up to at least 957.60 would be needed today to turn the hourly chart buoyant once again.