GCZ11 – December Gold (Last:1629.90)

December Gold (GCZ11) price chart with targetsI’d take it personally if the futures don’t reach the 1650.30 target shown.  It’s just that pretty. And there’s even room for a cherry on top, since a 1652.60 target will be in play if the first number is exceeded by more than two ticks. The midpoint with which it is associated lies at 1627.70, and it was surpassed with such ease on Friday that we shouldn’t doubt that bulls have the moxie to supply a finishing stroke to the rally pattern Sunday night or Monday. _______ UPDATE (11:09 p.m. EDT) Price action has become so nasty and tiresome that it is almost killing.  With vicious shakedowns occurring almost daily within a tireless bull market, it’s reached the point where I’d have to update four times daily just to play gold’s stupid little game. Most immediately, it implies slippage to as low as 1596.00 if a 1607.90 midpoint gets trashed. (30-minute, a=1632.00 on July 29 at 1:30 EDT), B=16-8.20, C=1619.80). _______FURTHER UPDATE ( 11:01 a.m. EDT): Hooray.  The futures reversed overnight in bullish fashion from 1608.20, three ticks from the midpoint noted above.