GCG11 – February Gold (Last:1390.10)

February Gold (GCG11) price chart with targetsWe can use the 1378.70 midpoint shown in the chart as a minimum retracement target, since Gold seems to be having  difficulty sustaining altitude at the moment. Night owls can use the corrective pattern at the right edge of the chart to bottom-fish at 1390.10, the ‘D’ target of yesterday’s histrionics. A two-tick stop-loss is what it’s worth, since the downtrend has gone sloppily sideways early Tuesday night. The short-term picture would turn bullish again on a print today exceeding 1412.30. _______ UPDATE (1:48 a.m. ET): The pivot at 1390.10 evinced no support whatsoever, implying that the downtrend is bound for a minimum 1378.70.