Gold ground tediously higher last week, using a five-day consolidation at p=1816 to launch a relatively measly $18 rally on Friday. We’ll continue to use the 1850.60 target shown (a slight adjustment from earlier) as a minimum upside projection, but don’t look for the uptrend to blow it away, given the week-long dirge at the midpoint pivot. If gold shocks by doing just that, you can use the 1916.20 target of this bigger, rABC pattern to inform your trades. Since it is a reverse-bullish pattern, with ‘C’ below ‘A’, it should work nicely for ‘mechanical’ setups. ______ UPDATE (Sep 8, 8:01 a.m.): Far from shocking us with a strong follow-through rally, gold plummeted, as it so often does, for no good reason. Let’s avert our eyes for the time being, lest we start to believe this frustrating price-action actually means something.
GCZ21 – December Gold (Last:1799.00)