GCZ10 – December Gold (Last:1336.20)

December Gold (GCZ10) price chart with targetsWe risked bupkus on the way down yesterday — a day that should have held few surprises for Rick’s Picks subscribers, since we began it with a quite bearish target and a headline that read “Bullion correction has further to go”.  Skittish investors may want to notice that the entire decline so far, from the November 9 record high at 1424, has yet to exceed even a single “external” low.  It will take further selling down to at least 1315.50 to accomplish that and create a bearish impulse leg of daily-chart degree.  In the meantime, we’ll move to the sidelines, since the value of any Hidden Pivot supports immediately below will be compromised by the close proximity of a key structural supports at 1325.50 and 1315.60.