GCZ09 – Comex December Gold (Last:1177.700)

Gold telegraphed tonight’s rally through resistance by an earlier failure to reach the ‘d’ target of its initial correction and by the shallowness of that correction.  A secondary target at 1185.50 could still contain the rally, and bulls should not break out the bubbly until it is left behind in the dust.  More immediately, as of 1:25 a.m. EST, the futures were just a tad shy of a minor Hidden Pivot at 1178.90, but any progress above it would put the 1185.50 pivot in immediate play.  Here are two other minor pivots where we should expect a pullback that the nimble can trade: 1180.40 and 1199.20