GCG11 – February Gold (Last:11406.80)

February Gold (GCG11) price chart with targetsA peak at 1411.70 recorded November 11 on the way down is still the number to beat, but bulls showed zero energy yesterday for taking it on. Camouflage artistes and night owls can use a lesser resistance at 1393.70 to get long, ideally off an ABC pattern similar to the one shown. _______ UPDATE 12:19 p.m. ET):  The first rally to poke above 1393.70 occurred a little after 4 a.m., and although entry at X (1393.59) would have gotten one to the 1394.00 midpoint for a tiny gain, it did not catch the big rally that was to occur  four hours later off a 1387.00 low. That one was so wicked that only luck would have gotten you aboard using a buy-stop-limit entry.  The extremely devious action of gold futures is bullish to the extent that it is making it almost impossible for bulls to find an easy way in.