Just when we thought we had gold figured out, it turned a promising rally into dross. Although the so-far $30 dive from an intraday high at 1532.00 may have disappointed bulls, it did not likely scare them. That’s because bears have been struggling themselves for a week to do even minor damage to the bullish chart shown. Its 1622.90 target remains viable in theory, but it would appear that the point ‘C’ low associated with the target is likely to be breached. If the implied downthrust is spiky enough, it could set up an enticing rABC trade, where A= 1496.80 on 9/11 at 9:00 p.m. ET. The implied entry risk would be around $900 per contract, but a cheaper play in GLD may be possible. If there is interest in the chat room and the trade hasn’t triggered before the regular session begins, I’ll provide further guidance.
GCZ19 – December Gold (Last:1505.60)
