GCG10 – Comex February Gold (Last:1093.80)

A major trendline and two notable Hidden Pivots come in around $1090, so we’ll just have to cross our fingers. Gold is obviously a speculative buy here, but the chart leaves no doubt  that a decisive breach would grease the skids down to as low as  1028.  That was the point of departure for the powerful rally begun just before Halloween, and it is a logical downside target in the event of a breakdown. Traders looking for a camouflage opportunity to get long should focus on the three- and five-minute charts all the way down to 1086, since a false breakdown could conceivably need that much space to panic nervous traders.  (Late note: a midpoint support at 1093.30 must hold Monday night if a bullish turn is coming.  This appears unlikely at the moment.)