GCZ22 – December Gold (Last:1774.20)

Gold has been spitting fire for the last two weeks, so it’s doubtful buyers will be deterred by the weighty’ external’ peak at 1824.60 looming just above. For all the times bullion has disappointed us, reaching a full gallop and then dying, this time the rally looks like the real deal. If and when it pushes above 1824,60, we may have to trade disappointment for tedium, however, since supply is thick above that peak all the way up to 1900. Depending on how quickly buyers chew through it, we could be looking at the long-awaited move that would take gold above $2000 and keep going.