GCZ10 – December Gold (Last:1344.60)

December Gold (GCZ10) price chart with targetsWhen Gold exceeded our longstanding target at 1340.00 yesterday by nearly $3, I introduced a new target at 1381.70 by way of an intraday update.  The specific coordinates were given at the time, but I am reproducing a chart that shows them graphically. You can see for yourself that the target is clear enough to imply a tradable pullback is likely to occur; however, if so compelling-looking a Hidden Pivot proves to have little stopping power, it would be more good news for bulls.  For trading purposes, finding camouflage entry opportunities will be a delicate operation, since shorts are getting squeezed hard, and because nearly everyone except Dennis Gartman is a bull by now.  Night owls should consider using a second (or third) signaled ‘X’ entry point of whatever ABC rallies develop, letting the first (and possibly second) go by.