GCZ10 – December Gold (Last:1350.10)

December Gold (GCZ10) price chart with targetsGold’s nasty, $100 slide has reversed from a low just shy of a visually obvious bottom at 1325.50 that launched the last, record-breaking rally. That’s bullish, but we’ll need to see further confirmation in the form of a new impulse leg of hourly-chart degree. A print at 1376.70 today would do the trick, but we’ll use a less demanding indicator at 1369.50, a look-to-the-left peak notched November 15 on the way down.  A thrust today exceeding that number would put bulls back in charge of the short-term trend, at least.