Gold’s best week since August triggered a theoretical buy signal at 1950.80, activating a minimum upside projection to p=2050. The move is not yet a done deal, but it would rate better odds if the futures can push above the 1983.80 ‘external’ peak recorded on 9/16. Even then, I would expect herky-jerky price movement that might actually be short-able as a scalp-trade. The 2250 target may look overly ambitious, but it would become an odds-on bet if the rally impales the 2050.60 midpoint pivot on the first try. The powerful A-B impulse leg of the pattern is likely to yield excellent odds for ‘mechanical’ entries at either p or x (the green line) if the opportunity should arise. _______ UPDATE (Nov 9, 6:35 p.m. ET): Today’s wicked plunge did not negate the bullishness of the daily chart, but it may have slightly lowered its potential. The dive to slightly below the pattern’s point ‘C’ low would have stopped out many bulls, unburdening this bounce from profit-taking. But if the rebound is weak, failing to exceed, say, $1900 over the next couple of days, I’d take it as a bearish sign. ______ UPDATE (Nov 10, 7:25 p.m.): Day one of the rebound was encouraging, lifting the futures $50 above Monday’s bombed-out low. Let’s see if bulls can tack on a second straight day of gains. [They didn’t, but neither did they crash C=1848. The jury is still out. _______ UPDATE (Nov 12, 9:11 p.m.): Zzzzzzzz.
GCZ20 – December Gold (Last:1878.80)