GCZ09 – Comex December Gold (Last:1054.60)

It would be premature to infer that the expected rally to 1134 got underway at Friday’s lows, but we can take encouragement nonetheless from the fact that the thrust so far easily speared two “external” peaks on the hourly chart. The upbeat mood could change with the start of a new week, but as things stand, the futures looked to be revving for a push over the near term to at least 1065.00. That’s a Hidden Pivot, and its sibling midpoint lies at 1057.90 — equal to Friday’s recovery high. Because the high is therefore doubly resistant, we should infer from its breach, if it comes, that buyers are feeling feisty.