Gold Making A Third Run At A VERY Important Resistance

August 17, 2017

Gold’s tedious shenanigans should not cause us to take our eyes off the little sonofabitch for too long, since we might miss something interesting. Like now, for instance. The December contract has mildly caught fire and is making another run at 1301.20, a very important midpoint Hidden Pivot resistance that has stopped promising rallies three times since April, including one earlier this week. This is a very crucial obstacle, since once decisively above it the December contract would be no worse than an even-odds bet to reach 1462.70.

How decisively?  Two consecutive weekly closes above the pivot would do the trick, or alternatively an intraday thrust exceeding 1325.00 or so. The chart (above) shows the whole picture, including the 1301.20 midpoint pivot that I have revised slightly upward from an earlier 1300.70.

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One cubic foot of gold weighs more than half a ton (1,306 pounds).

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