GCZ10 – December Gold (Last:1357.40)

December Gold (GCZ10) price chart with targetsWe’ve used a longstanding target at 1381.70 to guide and, at times, embolden us, but more immediately the 1360.10 midpoint resistance of a lesser pattern (15-minute, A=1297.00 on 9/30) stands ready to challenge traders Tuesday night. The high so far is 1359.90, but that is with the futures up as much as 13.20 in the after-hours. It’s possible bulls are just warming up to fire the really big guns at the bad guys when they arrive at work in Gotham. Indeed, that would become more likely if buyers are able to make short work of 1360.10.  Incidentally, its ‘D’ sibling lies at 1394.60, a Hidden Pivot that had gone unnoted until now.  Above it sits the 1400.80 target of a more important pattern I’d identified.  Night owls keen on entering with-the-trend should seek camouflage following an impulsive point ‘B’ that exceeds 1360.10.  The ‘X’ that follows it is capable of producing an attractive opportunity.