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$GCG20 – February Gold (Last:1552.40)

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The futures recovered somewhat after getting knocked down midweek, but not before they’d impaled a 1592.80 midpoint resistance tied to a bull-market target at 1732.50. Odds of reaching so optimistic a benchmark would shorten if the monthly bar finishes above the 1592.80 midpoint pivot. There’s little value in speculating about this now, but if the futures pull back to the green line at 1523.00, that would trip a moderately appealing ‘mechanical’ buy signal we can leverage in several ways. For detailed guidance in real time, tune to the chat room if weakness brings the February contract down another $30 or so. _______ UPDATE (Jan 14, 10:05 p.m.): Buyers have come back to life with a bounce precisely from the midpoint Hidden Pivot support shown in this chart. The rally will become interesting if and when it exceeds C=1564.10 of the pattern shown, wrecking the short-term-bearish look of the lesser charts.

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