GCZ19 – December Gold (Last:1468.70)

Gold’s recent low at 1446.20 overshot the 1447.50 target shown by just $1.30, which is neither bullish nor bearish. However, the bounce would need to exceed 1489.20 — or better yet, 1495.90 — to hint that the correction that has obtained since early September is over. These numbers correspond to external peaks recorded on the hourly chart on, respectively, November 7 and November 6.  Please note that they are not visible on the chart accompanying this tout, but they are viable nonetheless. Recent price action has been dispiriting, marked by the December contract’s failure to reach an ‘easy’ rally target at 1485.90 (60-minute, a= 1446.20 on 11/12).  This was particularly disappointing because the A-B impulse leg of the pattern was strong. The target will remain in play nevertheless until such time as C=1456.60 is breached. That would put a downside target at 1429.50 in play (A=1495.90 on 11/6).