GCZ09 – Comex December Gold (Last:942.50)

The rally off Monday’s secondary low (931.80) projects to 945.40 — 1.50 points above yesterday’s high. The target is still valid, although it would have made a better short if it had been hit on the first try, a modest spike this evening around 8:30 p.m. EDT. What matters most at this point is not that a would-be opportunity has curdled, but that the futures are not showing enough oomph, even, to reach a relatively easy target.  That could still happen tonight or Wednesday morning, but I’d need to see a thrust exceeding 946.20 to be convinced that buyers are capable of taking charge. With a 950.70 print, they would BE in charge.