The futures did everything we expected last week, rallying to within easy distance of a 2765.80 target after falling a few points beneath the correction target at 2678 I’d provided. They will face a mountain of resistance when trading resumes, since there is not just the 2761 peak from December 12 to contend with, but also some distributive layers of supply from the record high of October/November. If something out there is capable of spooking gold above all of this, perhaps we should be careful what we wish for.
GCG25 – February Gold (Last:2746.70)
