GCZ09 – Comex December Gold (Last:968.70)

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Gold extended a five-day rally to surpass a second peak on the daily chart. This is unmistakably bullish and makes a push to $1000 over the near term very likely, even if it’s not the rally that will take prices into the promised land.  My gut feeling is that new peak exceeded yesterday — 968.90, recorded on June 10 — should have been breached a day earlier if this bull cycle were destined for greatness. In any event, a move up to at least 1016.60 now appears all but certain. The target is show in the accompanying chart, and, as always, if it’s easily exceeded we should infer that still higher prices are likely — in this case, a minimum 1074.50.


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