GCG11 – February Gold (Last:1389.40)

December Gold (GCZ10) price chart with targetsThe futures lunged three times yesterday on the hourly chart, but none of the thrusts was sufficient to clear even a single external peak. They’ll have another chance to get out of trouble today, but it will take no less than 1396.90 to put the bad guys on the run. If, instead, yesterday’s 1395.60 peak endures, you can try bottom-fishing at 1366.20, stop 1365.90, my worst-case target for the next 2-3 days.  (A second pivot that is shown in the chart could turn the futures higher from 1370.90, but bottom-fishing there would be somewhat riskier.)