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Some Timely Benchmarks For COMEX Gold

October 6, 2016

Today’s moderate weakness put the futures on course for a further decline to as low as 1216.50 over the next 2-4 days. However, using a more conservative ABC pattern (see inset) yields the possibility of a less painful outcome in the form of a bullish reversal from 1257.30, or perhaps 1235.10 if any lower. If that last number is decisively penetrated, though, the futures are unlikely to avoid falling to 1216.50.

Alternatively, bulls could get back in the game with a close on Thursday above 1279.40, and they would be in good position to seize the advantage with a push by week’s end exceeding 1312.90. As always, if we are to exploit low-risk entry opportunities and get a precise handle on trend strength, our focus should be on price action at midpoint Hidden Pivots — most immediately the one at 1257.30 shown in the chart.


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The periodic symbol for gold is AU which come from the Latin for gold aurum.
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