GCZ09 – Comex December Gold (Last:947.40)

Gold’s breach of a minor midpoint support at 958.00 om Friday implies moderate weakness down to as low as 948.70 over the near term. That’sa Hidden Pivot support, and it should be viewed as a low-risk buying opportunity. Bid there with a 947.90 stop-loss if the chance arises. Alternatively, a pop above 961.30 would create a bullish impulse leg on the lesser charts, turning the minor trend back to bullish. ______- UPDATE (1:06 p.m.):  The futures overshot the support, hinting of more weakness down to the July 31 low, 933.80. Alternatively, it would now take a print at 968.10 to turn the hourly chart bullish.