GCZ10 – December Gold (Last:1201.90)

The futures have been up as much as $7 Tuesday evening and are currently trading 1192.80, just off the high.  My minimum upside projection is to 1198.20, but the only entry opportunity that I can see panning out would come off a pullback to around 1192.60, the midpoint sibling of the rally target.  It may be well worth night owls’ diligence to try to get aboard, since a move above 1198.20, particularly on a closing basis, would indicate more upside over the very near term to as high as 1212.50. _____ UPDATE (12:33 a.m. EDT): Gold pulled back to 1193.30 overnight, narrowly denying us the entry opportunity we’d sought. It was still possible to get aboard for the $13 rally that ensued, but it would have required a camouflage entry strategy on the 3- or the 5-minute chart.  The high so far has been 1205.50, implying another $7 of upside, for a $25 move.  However, the rally is too well developed at this point to expect a conventional point ‘X’ entry to work except in its subtlest manifestation.