December Gold was a ‘mechanical’ short from 1107.70 early Thursday morning, stop 1112.10. Minimum price objective thereafter: 1094.50. That target was flagged here yesterday as a worst-case for the near term, but it became an enticing bet after the futures crushed the p2 pivot shortly after noon. If you already initiated the short, a partial profit was in order, since the futures subsequently fell to 1102.50. What would it take to turn this picture short-term bullish? Answer: a pop today or tomorrow exceeding the 1126.00 high that I’ve labeled. Whatever the case, 1094.50 can be bottom-fished with a tight stop — more aggressively if you’ve been short for the ride to it.
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