GCZ11 – December Gold (Last:1701.30)

December Gold (GCZ11) price chart with targetsSee-saw action created a bearish impulse leg on the hourly chart with downside potential to as low as 1680.90 over the next day or two. The midpoint Hidden Pivot support lies at 1705.10, a few tick beneath yesterday’s low, and if it’s breached on a closing basis or by more than 1.50 points intraday, that would shorten the odds of a further fall to 1680.90. Alternatively, bulls would need to hit 1731.10 today to get out of immediate jeopardy. The lowermost number can be bottom-fished with a stop-loss as tight as six ticks, but a ‘camo’ entry would be better. ________ UPDATE (10:10 a.m. EDT):  The 1680.90 target caught the low of a $44 plunge within 30 cents. The subsequent $32 bounce was a doozey, allowing one to trade today’s price action quite profitably if one trusted the Hidden Pivots posted above.