Gold futures have opened Sunday night on a bullish spike that is not very convincing. The short-term picture would brighten if buyers can get second wind and push this vehicle above the 1069.00 peak shown. Otherwise, the larger, bearish pattern, with a 1043.20 target, will continue to obtain. Even if so, traders can use the p2 pivot at 1052.75 to do some tightly stopped bottom-fishing. _______ UPDATE (January 6, 10:26 a.m. EST): The futures have rallied to a so-far high this morning of 1092.60, somewhat exceeding my target. This is bullish going forward, but it will become significantly moreso if buyers can now power the Feb contract above November 16’s ‘external’ peak at 1098.00. A pullback from just above that number could conceivably generate an excellent, low-risk buying opportunity for anyone not already aboard.
