The 2771.0 rally target we’ve been using for the October contract works out to be 2803.40 for the December. Price action at the 2576 midpoint resistance (p) has been sufficiently encouraging that upside to at least D looks like an 80% bet. Since the initial upside penetration of this Hidden Pivot, the futures have remained above it, so far with little evident strain. It looks, feels and smells like a consolidation, and so our trading bias should remain aggressively bullish in the days and weeks ahead, particularly if Mr Slammy (i.e., the crooks, pederasts and devil-worshipers who manipulate the gold price) should attempt to frighten bulls with a gratuitous takedown.
GCZ24 – December Gold (Last:2646.20)
