GCZ10 – December Gold (Last:1362.50)

December Gold (GCZ10) price chart with targetsThe futures easily surpassed the “soft” peak at 1358.90 on the hourly chart, so it is appropriate to shift our focus toward bullish targets rather than worst-case correction scenarios.  Two logical rally objectives shown in the accompanying, hourly chart deserve our attention:  1406.70 and  1427.50.  Their respective midpoints lies at  1361.20 (already surpassed) and 1371.60.  The latter Hidden Pivot (‘p’) can serve as a minimum upside target for the moment, but if it’s exceeded on a closing basis or by more than two points intraday we’ll raise our sights to 1406.70.