GCZ22 – December Gold (Last:1778.70)

Gold has been huffing and puffing for two weeks without making much headway. That’s not saying it can’t still pop through p=1840.80 with brio, but we’ll need to see it happen before we get excited. Thereupon, p2=1913.10 would become out minimum upside objective, with a shot at 1985.40 for the bull cycle begun three weeks ago from 1696. As always, a decisive penetration of any of the three Hidden Pivot levels implies a continuation of the trend to the next. The pattern looks likely to produce winning ‘mechanical’ buys if gold hits an air pocket as it seems wont to do whenever bulls get too interested. _______ UPDATE (Aug 17, 11:06 p.m.): Maybe the D=1772.2 downside target shown in this chart will provide a respite for buils, however brief and unsatisfying? ______ UPDATE (Aug 18, 9:32 p.m.): It provide no respite whatsoever when the ‘hidden’ support gave way like wet tissue. But none of us could have been surprised, since gold, in its tedious bottoming process, seems to delight in disappointing bulls about 90% of the time. This may be an even more dismal spell than usual, given the dollar’s bullish breakout (see my DXY update elsewhere  on this page.