Gold's Interesting Day

November 20, 2017

December Gold did something last Friday that it hasn’t done in a long while, exceeding two Hidden Pivot targets on the hourly chart without correcting.  One was minor, the other middling, but the implication is that the uptrend is a good bet to continue into next week. Moreover, the exhaustion of targets on the hourly chart will require us to shift to a bullish pattern of larger degree. It is shown in the chart (click on inset), with a 1315.50 midpoint pivot that can be used as a minimum upside projection for the near term.

As always, an easy and decisive move past this key threshold would put the ‘D’ target — in this case, 1368.10 — solidly in play.  

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78 percent of the yearly gold supply--is made into jewelry.