Friday’s wallow altered gold’s immediate prospects only slightly, although bulls might wish by now that those prospects, which are mildly bullish, be realized sooner rather than later. For the purpose of analysis, and to get a firm handle on Monday’s odds, we’ll use the small but very predictable pattern shown. If buyers’ hearts are in it, they “should” be able to push this mule above the 1246.20 mipdoint pivot shown. As always, a decisive breach would tip the odds in favor of a continuation of the trend to its ‘D’ target — in this case, 1260.30. ________ UPDATE (October 22, 1:50 .m. EDT): No change, although I should note that anyone who bought the pullback yesterday to the 1246.20 midpoint pivot could have made as much as $900 per contract on the scalp.
