GCZ09 – Comex December Gold (Last:1090.60)

The futures have been scuddling sideways for two days, biding their time as a short squeeze has played out in the broad averages. However, my minimum upside target for the near-term remains unchanged: 1111.90.  I’d turn cautious at that point and remain so until we see a close above 1114.50, a Hidden Pivot that comes from the monthly composite chart. A decisive push out of this resistance zone would indicate 1134.50, a target first broached here a while back.  Most immediately, night owls will be bucking heavy chop and a weak ceiling at 1097.80, the target of a minor uptrend.  Entry has already been triggered at 1090.25 and is subject to midpoint obstruction at 1092.70.  A pullback from within a few ticks above that number would offer some camouflage, but you may hav to act quickly to employ a buy-stop entry.