GCG17 – February Gold (Last:1204.90)

gold-push-pastFebruary Gold did everything we asked of it on Friday, clearing the way for a push to the 1226.90 target given here earlier. As always, a move that easily exceeds the target, in this case by perhaps $2-$3, would affirm the robustness of the rally and the likelihood that it will continue. The short-term outlook would brighten even more if bulls can surpass mid-November’s  1236.10 ‘external’ peak (see inset), especially if they achieve this feat without taking a noticeable breather. The futures finished toward the middle of their range on Friday, suggesting that buyers were not exactly chomping at the bit.  My hunch is that a slow start Sunday night would be more constructive than a leap that could attract unwanted multitudes of profit-takers.