Comex Gold Futures

The futures spent the day struggling to go lower, failing in the end to overpower a midpoint support at 947.60 whose breach would have greased the skids down to 938.70. The bearish pattern is shown in the accompanying chart, and as you can see, the pre-dawn bounce came from a low that lay within a single tick of the pattern's calculated midpoint. The reactive rally was no world-beater, to be sure, but on balance the picture is at least mildly bullish for the near term.  A _____ rally target given here earlier remains viable, but like you I am growing a bit impatient about it.

The bearish impulse leg on the hourly chart formed by yesterday's decline yields an enticing place to try bottom-fishing: a midpoint pivot at _____ (shown). That support should hold if the _____ rally target given here earlier is to retain its promise.

Gold did all we asked of it Friday and now looks like a good bet to achieve a minimum ____.  The target is shown in the 180-minute bar chart at left. If the futures are indeed ready to move, any correction Sunday night or Monday morning should hold at or near the _____ midpoint shown in the chart. 

Which way will December Gold break when it emerges from a pennant that has been forming since late July? Signs point lower, but if that's the case, there may be a good buying opportunity down at _____, a Hidden Pivot with a fine pedigree (see chart). Stay tuned!  (Note to pivoteers:  I am not using the one-off  'A' to project a target in this instance because the chop that followed the more obvious high did not exceed any prior lows.)

A pop to _____ is possible if buyers dominate, and a close above that Hidden Pivot midpoint would indicate _____.  However, as of early Tuesday evening, the futures had slightly exceeded the 944.90 midpoint support of a down-ABC begun at Monday's high, 985.50. If the pivot gives way, that could be telegraphing more slippage to as low as _____. 

Pay attention at your peril, since Gold looks like its trying to drive those who care most about it crazy. Yesterday's rally failed by a smidgen to hit our bullish tripwire, and that's why we should continue to use such benchmarks to filter out false signals. Scalpers can bottom-fish at _____ tonight, provided 946.20 has not been exceeded to the upside. Looking at the hourly chart, we'd need to see a thrust to at least ____ by mid-week to turn it bullish. Above that price, there would still be risk of a stall at ______, a Hidden Pivot, but a close above it would announce the test of $1000 we've all been patiently awaiting.  Regarding downside risk, I see none worth mentioning at the moment.

Gold was flagging lower Sunday night after Friday's spirited thrust, but buyers weren't giving up much ground. The so-far low of the pullback is 952.20, and if it holds, the futures could put bears on the ropes by vaulting a Hidden Pivot midpoint at _____ . That would suggest more immediate upside to at least _____. 

There's not much going on, really, but we could still take encouragement if the futures push past  the minor, _____ peak mentioned here yesterday. Otherwise, look for any weakness to hit _____, a midpoint support that is not recommended for bottom-fishing because of its close proximity to this week's lows.

The rally off Monday's secondary low (931.80) projects to _____-- 1.50 points above yesterday's high. The target is still valid, although it would have made a better short if it had been hit on the first try, a modest spike this evening around 8:30 p.m. EDT. What matters most at this point is not that a would-be opportunity has curdled, but that the futures are not showing enough oomph, even, to reach a relatively easy target.  That could still happen tonight or Wednesday morning, but I'd need to see a thrust exceeding 946.20 to be convinced that buyers are capable of taking charge. With a 950.70 print, they would BE in charge.