Gold served up a second consecutive week of slop, making it difficult to guess what’s on the minds of the thieves who manipulate it for a living (legally and with the Guvmint’s complicity, of course). However, enduring uptrends tend to produce relative weak countertrends, and that describes this one so far. It has twice penetrated to Hidden Pivot midpoint support at 2647.90, but without sending the futures down to the pattern’s 2605.30 target. They could still get there, but bears might be drained of energy by then. Alternatively, a pop through C=2690.50 would signal a resumption of the long-term bull trend. Worst case: a two-day close beneath 2617.50, portending more slippage to as low as 2487.00 (daily chart, A= 2826.00 on 10-31-24).
GCG25 – February Gold (Last:2654.90)
