I don’t usually post charts that display more than a single ABCD pattern, but the one shown gives a clear picture of how very unclear gold traders and investors are at the moment. Neither the large bearish pattern nor the small bullish one produced a decisive move through p, muddying the question of whether the next significant move will be up or down. Bears have a slight edge, I’d say, but it’s based on technical trivia that’s not worth explaining. For now, the worst-case target if the futures break down is still 3802.60, representing a 5% drop on top of the 8.5% loss since October 20, when Gold recorded an all-time high at 4398. ______ UPDATE (Nov 10, 12:47 p.m. EST): The futures have broken out above late October’s peaks. Trust this rally when it pushes above more important peaks ranging up to 4175.00 recorded between Oct 22-26.
GCZ25 – December Gold (Last:4103.10)
