Gold’s relentless plunge appeared to be on-track to hit the 1149.40 target shown within the next 3-5 days. If that Hidden Pivot support should give way easily — meaning, be exceeded on first contact by more than $1.50 or so — we’ll likely be looking at a further fall to 1105.80. The selloff was too steep to generate any ‘mechanical’ shorting opportunities over the last several hours, but you should look for such opportunities on charts of smaller degree, starting with 15-minute bars. Presently, that would imply shorting from x=1173.70 using this pattern: A=1188.60 (11/30 at 8:45 a.m.); B= 1171.30. _______ UPDATE (Dec 3, 12:56 p.m. EST): No change. Feb Gold would need to rally to 1223.60 to get out of immediate jeopardy. That corresponds to a price peak at 1223.50 recorded on Nov 22. _______ UPDATE (Dec 7, 8:546 p.m.): Gold isn’t acting as feisty as silver, but the March contract at least generated a bullish impulse leg on the hourly chart with Wednesday’s moderate rally. It projects to 1189.10 (a=1167.20 on 12/6), but buyers will need to do a little better, pushing this vehicle above December 4’s 1190.20 ‘external’ peak, to refresh the bullish energy of the intraday charts._______ UPDATE (Dec 8, 9:54 p.m.): Today’s swan dive killed the encouraging look of the hourly chart. Now it would take nothing less than 1190.30 to put bulls back on track. Regardless, the 1149.40 target given above, as well as the one at 1105.80, remain viable. _______ UPDATE (Dec 13, 9:31 p.m.): Monday’s low at 1152.50 is close enough to the 1149.40 target given above that we might look for an upturn from these levels. However, the rally would need to surpass 1173.80, and soon, to have bullish implications for the near term.
