GCG10 – Comex February Gold (Last:1138.30)

Don’t sweat it until this vehicle hits 1175.00, an important midpoint resistance broached here earlier that comes from the weekly chart. That is my minimum upside objective for the near term, and it will pose a key test.  We should not exhale a sigh of relief until the futures have closed above it for two consecutive Fridays.  A long time to hold one’s breath, for sure, but we don’t want to buy into a false signal here.  Most immediately, you can try bottom-fishing the 1129.00 Hidden Pivot support shown in the chart with an 1129.20 bid, stop 1127.90.  If the stop is hit, February Gold will be facing jeopardy over the near term to as low as 1111.30, the ‘D’ sibling of 1127.90.