GCZ10 – December Gold (Last:1351.60)

December Gold (GCZ10) price chart with targetsWe shouldn’t doubt that higher prices — make that, much higher prices — are coming in 2010, but the futures seem in no great rush at the moment to make it happen.  Any ‘abcd’ pullback is a good place to try to get long, though, since downtrends in all time frames continue to struggle for yardage.  A 1371.60 midpoint target remains viable for the near-term, but it wouldn’t take even that much to refresh the bullish trend on the hourly chart via the creation of a new impulse leg. The accompanying chart shows how this would occur.