GCZ09 – Comex December Gold (Last:944.20)

Pay attention at your peril, since Gold looks like its trying to drive those who care most about it crazy. Yesterday’s rally failed by a smidgen to hit our bullish tripwire, and that’s why we should continue to use such benchmarks to filter out false signals. Scalpers can bottom-fish at 937.50 tonight, provided 946.20 has not been exceeded to the upside. Looking at the hourly chart, we’d need to see a thrust to at least 968.10 by mid-week to turn it bullish. Above that price, there would still be risk of a stall at 978.00, a Hidden Pivot, but a close above it would announce the test of $1000 we’ve all been patiently awaiting.  Regarding downside risk, I see none worth mentioning at the moment.