Gold has been screwing the pooch for five months, vexing bulls and bears alike. The most promising rally over the period was the 200-pointer that occurred between October 30 and January 6. It failed by an inch to exceed an important November peak at 1973, however, casting doubt on a pullback that now threatens to inundate the daily chart. A far larger, bullish structure going back to 2016 remains quite robust, however, and the 1450 print it would take to seriously impair it appears to be out of bears’ reach for the foreseeable future. _______ UPDATE (Jan 26, 8:36 p.m. EST): This pattern is my kind of gnarly. Play for a bounce from p=1810.20 with a stop-loss as tight as you can abide. ______ UPDATE (Jan 28, 9:36 p.m.): Today’s stupid spasm changed nothing.
GCG21 – February Gold (Last:1841.70)