GCG10 – Comex February Gold (Last:1133.10)

The rally, now entering its third week, refreshed the bullish trend yesterday by surpassing an obscure, look-to-the-left peak that is visible on the hourly chart.  However, buyers evidently were not feeling feisty enough to take on several more daunting peaks mentioned in yesterday’s analysis. My hunch, based on the shallow pullback Wednesday night, is that they will do so today. This is a great opportunity for bulls to pin shorts on the ropes, since once GC is above yesterday’s high, it will need only a six-point thrust to spear three (!) external peaks.