GCZ09 – Comex December Gold (Last:1163.800)

The futures turned up tentatively after make a run at an 1155.00 downside target that was missed by $2.70. This is bullish as far as it goes, but it would take a print Monday night at 1168.90  to suggest that buyers are not terribly intimidated by the 1174.90 resistance pivot we’ve been using for so long. I’ve hung out a headline target at 1337.00 if it should get shredded, but I am not expecting this, at least not so soon after the lower pivot was achieved.  Keep in mind as well that the futures could feint to 1185.50 without affecting the odds of a serious correction.