GCG11 – February Gold (Last:1412.70)

February Gold (GCG11) price chart with targetsYesterday’s surge was not quite as compelling as the one in Silver, but it’ll do, since it generated a bullish impulse leg on the hourly chart (a camouflaged one, by the way, since it left unbreached an in-your-face high at 1408.90 recorded on December 14). The rally also sustained altitude above the 1401.90 Hidden Pivot midpoint of a pattern that projects to 1442.10 (A=1352.00 on November 26).  As recommended in Silver, belated entries should be attempted via camouflage on a pullback to 1401.90. To broaden the possibilities, I suggest using the 30-minute chart to create some look-to-the-left peaks along the path of the steep decline on December 7-8.  This is shown in the chart. _______ UPDATE (noon):  The 1401.90 midpoint support flagged above came within four ticks of nailing the low of a very tradable, $13 bounce. If you got long at the bottom, partial-profit taking is advised, since the futures are currently trading near the upper threshold of today’s move.  As in Silver, multi-contract longs should save a contract or two for a potential home run.