GCG11 – February Gold (Last:1391.10)

February Gold (GCG11) price chart with targetsThe hourly chart would begin to throw off sparks if the futures were to print 1412.40 today, since that would create a very robust impulse leg.  Alternatively, a close above a midpoint pivot at 1401.90 would shorten the odds of a follow-through to at least 1442.10, and a two-day close above it would make such a push likely.  The ABC pattern that projects to that number is shown in the accompanying chart.  If the futures fall, however, the first place we would try to bottom-fish, other than via camouflage, is 1370.80, the midpoint support of the bearish pattern shown in the chart.