GCZ10 – December Gold (Last:1282.90)

As they stairstep toward an aging target at 1290.90, the futures evidently are not about to be rushed. I’ve already suggested making position adjustments if and when the Hidden Pivot is reached — and even some scalping from the short side, since a precise pullback looks likely. However, as noted earlier, if the rally pops through 1290.90 by more than $1.00 within an hour or so of first touching it, a finishing stroke to at least $1300 would become an odds-on bet.  At that point, our next price objective would be 1340.00.  Night owls please note that Sunday night trading opened with a short-squeeze that failed to clear an obvious external peak at  1281.50 on the lesser charts. This suggests that bulls could remain in a holding pattern till morning. _______ UPDATE (1:32 a.m. EDT):  Ahh, now that’s more like it!. The futures have punched through the midpoint resistance, clearing a path to 1290.90.