GCZ10 – December Gold (Last:1252.5)

December Gold (GCZ10) price chart with targetsGold has bounced off three Hidden Pivots in three trading sessions, and this morning we will watch the reaction to the employment report.  A print of 1259.2 or higher will signal continued bullishness.  Yesterday we noted a new intraday pattern that was close to being confirmed whose midpoint was at 1255.6.  Gold obliged by activating the pattern and rallying to within four ticks of that pivot.  Now comes the non-farm payrolls report (at 8:30 a.m. EDT), frequently used as an excuse by anti-gold forces to sell aggressively.  Today’s attached graphic is chock full of information, including “D” targets at 1267.2 and 1291.9, both of whose sibling midpoints have performed well (to say the least).  But there is one additional Hidden Pivot to consider: the “D” target at 1258.7, visible on the daily chart and associated with A=1192.5.  This target would be decisively surpassed by a print of 1259.2 or higher, which would signal more upside to come.  Should NFP be met with selling, unfortunately Hidden Pivot analysis has nothing to say about where to bottom-fish: the patterns are all bullish.  Don’t you hate when that happens?  (Posted by Doug McLagan)