The daily chart remains unmistakably bullish, but this correction, which is about to enter its third month, continues to try our patience. For the moment, the futures are under the spell of ‘Matt’s curse,’ which holds that a trend reversal precisely from p2 is likely to exceed ‘C’, stopping out the pattern (see inset). So far, December Gold has bounced weakly from p2 twice without exceeding ‘C’. This is a punk performance, for sure, but it’s no reason to bet against bulls and a possible rally to as high as 1525.90 (a=1467.90 on 10/1) this week. If the futures should relapse, though, brace for a fall to 1458.70 (60m, A= 1522.30 on 10/0), or 1450.50 (A=1540.30 on 9/25) if any lower.
GCZ19 – December Gold (Last:)