GCG10 – Comex February Gold (Last:1080.10)

Wednesday’s moderate weakness changed nothing in the immediate outlook.  A print today above 1104.80 would turn the lesser charts bullish, and that external peak can be used to create a camouflaged entry opportunity if there’s a shallow pullback from just above it. However, if the selling continues, look for a potentially tradable bounce from somewhere in the range 1074.50-1075.90_______ UPDATE (1:05 p.m. EST):  This morning’s breach of the 1074.50-1075.90 bottoming range we’ve been using spells a 1039.20. A midpoint support at 1071.60 is all that stands between.  For the April contract, that means 1072.50/1040.00.