Although there’s still no compelling technical evidence that gold is headed below $1000, there would appear to be little chance that the December futures will not full a further $14 to the 1187.70 target shown (see inset). Traders looking to scalp a promising low can bid there (or slightly higher), stop 1186.90, but don’t pass up an opportunity to take a partial profit on a rally of as little as $3-$4. Also, beware of the sleaze factor, since a subscriber reported being unable to fill a 1202.90 bid Monday morning — that had been my minimum downside target for the last several weeks — even though the futures initially traded down to 1202.00 (and rallied $9 before relapsing).
