Gold’s response to news that Iran destroyed a key Saudi oil facility is shockingly feeble so far. The futures are up $15 at the moment, but the rally has yet to surpass even a single important peak on the hourly chart. It also denied us an opportunity to get long via a ‘counterintuitive’ set-up predicated on a dip below 1488.90. As things stand, the 1622.90 target we’ve been using for a month is still in effect, but we’ll need to see more buying enthusiasm before I can recommend jumping aboard. Specifically, a breakout above September 6’s peak at 1536.20 would put the 1622.90 target well in play again. _______ UPDATE (Sep 16, 9:03 p.m.): The CI set-up noted above may yet materialize, so stay tuned to the chat room if you’re interested. _______ UPDATE (Sep 18, 9:54 pm.): The prospect of a dip below 1488.90 has dragged on for so long that I am no longer much interested in the ‘counterintuitive’ trade noted above. The futures can still be worked, but if you’re eager for action, it might require close attention to the intraday charts over the next two days.
GCZ19 – December Gold (Last:1500.40)