GCZ11 – December Gold (Last:1752.90)

December Gold (GCZ11) price chart with targetsIn after-hours trading, the futures have gotten still closer to the 1728.00 target that has served us so well.  If you revisit the chart I used to project that number in the archive, you’ll understand why we should be especially cautious right now.  For now, I’ll recommend that ‘camo’ traders look for a minor (i.e., 15-minute chart or less) abc pattern to get short or to initiate a hedge against a long-term position. That said, I’ll reiterate that a decisive move of perhaps $3 above the Hidden Pivot would be hinting of even more strength to come, while a two-day close above it would be a bright green light for bulls. _______ UPDATE (2:09 a.m. EDT): Buyers have demolished the 1728 target tonight, and because it was a quite substantial Hidden Pivot (i.e., definitely NOT chopped liver), I can only infer that significantly higher prices impend.  A hidden resistance at 1846.10 will exhaust the intraday charts (240m, A=1481.00 on July 1, B=1684.90 on August 4, and C=1642.20, p=1744.20) as an upside price objective for the near term, but if we spread out the bars of a continuous “daily,” another at 1882.00 comes into view (A=1165.30, B=1581.20). Two major rally targets within $40 of each other demands caution, but our bias for trading purposes should nonetheless be aggressively bullish.