December Gold’s slight slippage beneath the midpoint support at 1281.30 shown in the chart (click on inset) is mildly bearish, implying as it does that sellers are about to push the futures down to at least 1254.10. If and when the decline hits 1275.00, I’d recommend a ‘mechanical’ short on any subsequent ‘lazy’ rally back up to the red line. A stop-loss at 1290.40 is recommended. This trade is intended only for subscribers who are comfortable using ‘mechanical’ entry set-ups. ______ UPDATE (Oct 19, 8:03 p.m. EDT): Today’s price action didn’t trigger the short suggested above, but neither did it disrupt the bearish target at 1254.10. The rally was bullishly impulsive on the hourly chart, however, and that’s why we should give the uptrend the benefit of the doubt. If it exceeds 1298.40 on Friday, then goes on to better a middling Hidden Pivot resistance at 1300.40, you can use 1323.20 as a target.
