GCZ15 – December Gold (Last:1100.10)

Monday's gold rally fadedMonday’s rally faded in the stretch, but not before poking above three ‘external’ peaks to create a still-promising bullish impulse leg on the hourly chart (see inset). The retracement left intact the pattern shown, and we can use it for gauging the strength of any new upthrust.  Assuming the point C low at 1093.30 is not taken out, an easy move past p=1103.10 would imply bulls are warming up for a shot at D=1112.80.  we could take further encouragement from a move past that Hidden Pivot resistance, especially if the futures continue to surpass new ‘external’ peaks in the process.