The upward blip at week’s end did little to alleviate gold’s distress. Continue to use D=1838.30 as a minimum downside objective — and yes, you can attempt tighty stopped bottom-fishing there, especially if you’ve made a few bucks on the way down. December Gold’s interaction with D is bound to be telling, since the target is so clear and compelling. A decisive penetration to the downside would be bearish, and a two-day close beneath it still moreso. Alternatively, if bulls are about to turn things around, the process would begin with a pop above 1898.30. This is equal to an ‘external’ peak a tad higher than the one given here earlier.
GCZ20 – December Gold (Last:1864.30)