GCZ09 – Comex December Gold (Last:1050.80)

The 1074.50 target kept our confidence from wavering when gold recently came under (futile) attack. I still expect sufficient resistance at that price to warrant a position adjustment by long-term investors.  A tradable pullback  seems highly likely, and even if it is not a big one, odds are good that you will be able to replace any stock exited with shares acquired at a lower price.   If the futures trash the target, however — and by “trash,” I mean close above it the day they first hit it — that would indicate they are gunning for a major Hidden Pivot at 1134.50 identified here yesterday.