Gold survived a hostile ‘news’ day on Friday, bruised but unbowed. The nutty swings left the December contract in good shape to achieve the 1542.10 midpoint pivot shown in the chart. As always, an easy and decisive move through this resistance would make the 1619.10 ‘D’ target a odds-on bet to be achieved. Since there is as much as $11,000 of potential profit in the trade per contract, we should be alert to entry opportunities that occur on the lesser charts intraday. An rABC setup on a 5-minute chart, for instance, can cut initial risk by as much as 95%, provided we are quick.
