It can sometimes seem like there’s no bottom when the Bad Guys are whalin’ on gold, but bulls can at least hope for an upturn from the 1756.30 Hidden Pivot target shown in the chart. Failing that, expect to see the December contract work its way down to 1700.00, since the dirtbags who manipulate bullion prices for a living are nothing if not slaves to the obvious. Ordinarily I would suggest bottom-fishing with a tight stop, but in this case the impulse leg is ersatz and therefore unreliable, since it exceeded no external lows. The pattern could prove good enough for government work nonetheless, so don’t hesitate to use and ‘rABC’ set-up to get long if you know how. _______ UPDATE (Nov 30, 9:27 p.m.): The so-far feeble bounce from a 1762.30 low has not quite negated my 1756.30 downside target, but the burden of proof now on bulls would lighten if the futures can clear a minor resistance at 1816.30 created last Wednesday on the way down. ________ UPDATE (Dec 1, 9:08 p.m.): The bounce is no longer feeble, but it is still a smidgen shy of 1817.10 [corrected] print needed to generate a trustworthy impulse leg on the hourly chart. A further thrust, especially if it is unpaused, surpassing Nov 24’s 1829.80 ‘external’ would strongly suggest that gold’s bullish reversal has gotten off the launching pad. _______ UPDATE (Dec 2, 7:24 p.m.): In after-hours trading, the February contract poked very slightly above an external peak at 1835.50 that’s equivalent to the one at 1829.50 noted above for the December. This has generated a bullish impulse leg, along with a minor, uptrending pattern that could provide some hooks for getting long. Stay tuned to the chat room for further guidance. _______ UPDATE (Dec 3, 6:18 p.m.): A struggle at p=1843.60 suggests bulls could struggle to achieve D=1871.80 but that they ultimately will get there. In the meantime, use p2=1857.70 as a minimum objective for the near term. Notice the textbook ‘mechanical’ buy that was triggered by the dip to the green line two hours around mid-morning.
GCZ20 – December Gold (Last:1844.20)