GCZ10 – December Gold (Last:1224.90)

Gold’s lackluster uptrend continued on Friday, this time punctuated by a gratuitous $10 swoon from which the futures were still recovering — sort of — Sunday night. An ancient target at 1244.20 remains the minimum upside projection nonetheless, and the likelihood it will be achieved soon would increase if buyers can punch through its sibling midpoint resistance at 1233.90. _____ UPDATE (11:26 a.m. EDT): Bulls head-faked their way to 1234.00, one thin dime above the midpoint resistance, before the futures relapsed, so none of you should have been fooled. The selloff pointed to either 1222.00, or if any lower, to 1218.10. You can bottom-fish the lower number, a Hidden Pivot support, with a stop-loss as tight as four ticks.