Gold is playing the tease once again, bettering September’s key high at 1370.00 by an inch before receding again into the murk. Although this has not much affected the odds that the 1394.20 rally target we’ve been using for more than a month will be reached, it has put gold into limbo for the moment. At the very least, somewhat lower prices seem likely over the near-term. That’s because last week’s uptrend stalled to-the-tick at a 1354.30 midpoint I’d flagged, turning a weak rally into a mildly bearish formation. It projects to 1320.70, a Hidden Pivot support you can bottom-fish with a 1320.80 bid for a single contract and a stop-loss as tight as 1319.90. If the position goes in-the-black, you’ll be on your own.
