The December contract has been a good bet to reach the 2803.40 target since September 12, when it blew past p=2576.75, retested it a week later, then never looked back. However, the pattern is sufficiently clear and compelling to temper our enthusiasm when the target is reached. Recall that we have always felt great, looking for more, just as gold was topping. A tradeable high looks likely at 2803 even if it proves not to mark an important top. We should treat it as such unless buyers impale it on first contact. Alternatively, if the December contract closes for two consecutive days above 2803, you can assume it is bound for at least 2940 (A=1933 on 10/6/23).
GCZ24 – December Gold (Last:2754.80)
