GCZ15 – December Gold (Last:1166.60)

Gold's correctionGold futures were getting whacked early Tuesday morning, but the move so far looks innocuous when viewed in the context of the large, bullish pattern shown. Its 1187.70 target is slightly higher than the one given here previously due to the slightly higher point ‘A’. Notice that the peak of Monday’s rally exceeded the secondary resistance p2) at 1165.30. The overshoot was by $3.30 — probably sufficient for us to infer that this weakness is merely corrective. For bottom-fishers, a ‘mechanical’ bid at p=1142.90 would take an 1135.40 stop-loss, but I’d suggest cutting it down to size by using ‘camouflage’. Night owls should look for a possibly tradable reversal at either 1152.00 or 1150.40. These Hidden Pivot supports can be located on the 5-minute chart, where a=1158.40 at 10:05 p.m. ET on 10/12. _______ UPDATE (12:39 p.m. ET):  The futures have rallied $16 so far this morning off an 1151.30 low that fell in the middle of the tight bottoming range I’d provided.  If you were able to get long near the bottom, please let me know in the chat room and I’ll establish a tracking position for your further guidance.