Gold gave bears a rough time last week, crossing up and down through the midpoint support (p=4381.80) several times before ending the week slightly above it. Bears should still be given the benefit of the doubt as they attempt to push the futures down to the 4205.10 target. We will have an opportunity to gauge the strength of the downtrend if gold pops above the green line first. That would trigger a ‘mechanical’ short, stop 4558.60, and if the stop is hit, that would signal the resurgence of the bull trend that dominated until the last week in August
$GCZ26 – December Gold (Last:4390.00)