GCZ22 – December Gold (Last:1762.90)

I’ve scaled back my pattern and rally target to reflect gold’s disppointing performance over the last two weeks, The impulse leg was a dubious qualifier to begin with, and the follow-through leg couldn’t even reach p2=1841.30, let alone re-energize itself with a push above an ‘external’ peak. That said, the pattern could still generate a so-so ‘mechanical’ buy at x=1744.60 for a one-level ride to p=1792.90. If you elect the trade, just be sure to use a ‘camouflage’ set-up on a small-degree chart to cut the nearly $10,000 of implied entry risk on four contratcs down to more like $800. The 1889.70 target is a longshot at this point, never mind the 1985.40 target of the larger ‘reverse’ pattern shown here earlier.