A two-day thrust blew past the 1805.70 midpoint pivot (see inset) with such ease that more upside to the 1852.9o target would seem to be all but assured. This is gold, however, and we’ve become used to disappointment, if not inured to it, so let’s not count our chickens quite yet. A pullback to the green line (1782.10) on Monday or Tuesday, however unlikely, should be bought ‘mechanically’, albeit on a chart of much smaller degree than the one shown. If buyers handle D=1852.90 with unwonted brio after having reached it straightaway, that would be the most bullish sign we’ve had in this vehicle in a very long while. _____ UPDATE (Nov 10, 10:56 p.m.): A fist-pump through 1852.90 kept bulls on the offensive, but there are some daunting hurdles just ahead. Use the 1916.90 target shown in this chart as a minimum upside target for now, but let’s hold the hubris until buyers hoist this tonnage above ‘Annapurna’.
GCZ21 – December Gold (Last:1853.00)