GCZ10 – December Gold (Last:1341.90)

December Gold labored unsuccessfully all day to reach a correction target at 1311.10, suggesting that the bad guys are finding it increasingly difficult to orchestrate the fright-mask declines that were so common not long ago.  My minimum upside target remains 1340.0 in any case,  but there were no subtle camouflage opportunities beckoning late Monday night. A print at 1316.60 would signal a breakout on the lesser charts, but it would be too obvious for our purposes, and probably yield a troublesome liftoff. ____ UPDATE (11:13 p.m. EDT): The futures have managed 1342.60 so far today, and although a $2.60 overshoot may not sound like much, it is sufficient for us to infer that the next bullish milepost, a Hidden Pivot at 1381.70, is in play.  It comes from a pattern easily found on the daily chart: A= 1048.20 ( 2/5/10); B=1270.60, and C=1159.30.