A 2142.40 rally target we’ve been using for nearly a month remains valid, although the wait is becoming an ordeal. Bulls seem in no hurry to get there and are probably even less enthused about trying when they’re vulnerable to a smack-down. They usually come on days when Wall Street’s energy is focused on pumping stocks full of hot hubris, or when Powell says something that is easily construed as bullish for America. Whatever exuberance spills thereupon into stocks is lost on gold, which gets kicked, like some nerd in the playground, just for the sin of looking weak. Even so, it cannot be lost on gold bulls that these take-downs do not last for long, and that they almost invariably fall short of ‘D’ correction targets. I can only counsel patience for now, but if one of those silly smack-downs hits 1855.00, be ready to jump on the futures aggressively. Here’s a chart with the relevant pattern. _______ UPDATE (Sep 9, 10:58 p.m. ET): This chart corrects the earlier one, which had an erroneous ‘B’ low. The new price where you could try bottom-fishing aggressively is p2=1884.70. Alternatively, a pop exceeding 2004.10 would put bulls solidly back in charge.
GCZ20 – December Gold (Last:1955.70)