GCG11 – February Gold (Last:1387.40)

With some upward chop along the way to alleviate the tedium, February Gold is trading exactly where it was nine weeks ago in mid-October.  Yesterday, the futures never even got close to the modest benchmarks I’d flagged above and below the market. Since they remain valid as, respectively, bullish and bearish trigger points, I’ll repeat the numbers for your guidance: 1412.50 or 1370.80.  In addition, a two-day close above a Hidden Pivot midpoint at 1401.90 would strongly imply a follow-through to at least 1442.10.  As before, if the futures fall, the first place we might try to bottom-fish other than via camouflage is 1370.80, the midpoint support of a corrective pattern.