GCZ09 – Comex December Gold (Last:939.60)

A print at 968.10 this week would be needed to turn the hourly chart bullish again; failing that, the futures could grope their way down to early July’s 907.60 low in search of support. Once beneath that low, it would take an uninterrupted fall exceeding 884.80 to do even minor damage to the daily chart. More immediately, the rally off Monday’s lows has shown no particular exuberance, having stalled at a 940.70 high that is two ticks from the highest target we could have projected using the lesser charts. (A=931.80, B=937.60 at 11:15 a.m., 5-minute chart.)