GCZ25 – December Gold (Last:4077.00)

Friday’s carnage left the futures on track for a likely relapse to the 3976.20 target shown in the chart.  A bullish alternative would start with a rally exceeding Friday’s intraday high at 4215.10. New record highs would become an odds-on bet at that height. Because the reverse pattern yielding the 3976.20 target, a Hidden Pivot support, is not obvious, bottom-fishing there is recommended. I’d suggest using a ‘camo’ trigger from a lesser intraday chart to do this, however, since there are several prior lows to the left that are likely to attract competition from overly eager buyers, some of whom are as clever as we are. ________ UPDATE (Nov 18, 10:29 p.m.): Buyers came back to life, giving the futures a possible reprieve. The uptrend projects to 4144.60, and a pullback to 4034.20 can be bought with a 3997.00 stop-loss. The rally will still need to exceed 4215.10 to tell us that bulls are ready for a charge to new record highs. _______ UPDATE (Nov 20, 9:03 a.m.): The futures have rallied as high as 4096 after lightly kissing the bid I’d suggested above at 4034.20 with a 4034.00 low. The subsequent rally could have produced a profit of more than $6000 per contract, but I have not established a tracking position because no one mentioned it in the chat room. The 4144.60 target has yet to be achieved, and the effort is not pretty to watch, but it remains valid nonetheless as a minimum objective.