December Gold remains nicely on track for a move to at least 2803.40, the ‘D’ Hidden Pivot resistance shown in the chart. As noted earlier, the futures should be presumed headed to 2940.10 if they push past the lower resistance easily. I doubt this will happen, however, given the month-long stall at p=2576.70. I also doubt that buyers are ready to embark on a move capable of replicating the steepness of the A-B leg, and we may see a dip beneath Sep 30’s 2646.20 low to give the next rally more running room. In any case, trading can be done using reverse patterns on the lesser charts that go back as little as 4-6 days.
GCZ24 – December Gold (Last:2667.80)
