A 2803.40 rally target we’ve used for months should be achieved on or before the November election. The cycle that launched December Gold on its way to this Hidden Pivot resistance began last February from 2070.60. The smooth flow of the weekly chart belies the psychological difficulty of staying on board, since Mr Slammy did his best to scare investors away with nasty swoons along the way. This made them skittish about buying into strength, which lightened the rallies of would-be sellers. Looking just ahead, a pullback to the red line (p=2576.70), however unlikely, would trigger a ‘mechanical buy, stop 2501.10.
GCZ24 – December Gold (Last:2736.40)
