Comex Gold hasn’t fully corrected to a D/d target in nearly two years, so we’ll be watching closely to see whether it does so this time. That would require more downside to d=2525.80 of the rABC pattern shown, equating to a 10% correction off the recent top. (It was precisely foreseen here back in September with the futures trading $300 lower). A 10% retracement would not be unusual for the steep, prolonged run-up bullion has enjoyed since September 2023. And here’s some potentially good news: there is a small (i.e., 25%) chance today’s low at 2660.70 will be as bad as it gets, since that’s a hair from a Hidden Pivot midpoint support at 2663.80 shown in the chart. I doubt bulls will get off that easy, however, and expect the selloff to continue down to at least the secondary pivot (p2) at 2594.80. As always, a decisive penetration of a Hidden Pivot on first contact would imply more slippage to the next, in this case to d=2525.80. An easy penetration of that target would be unwelcome news, since it could spell the end of the bull market begun in 1999 from around $240.
GCZ24 – December Gold (Last:2670.70)
