February Gold did everything we asked of it on Friday, clearing the way for a push to the 1226.90 target given here earlier. As always, a move that easily exceeds the target, in this case by perhaps $2-$3, would affirm the robustness of the rally and the likelihood that it will continue.
The short-term outlook would brighten even more if bulls can surpass mid-November’s 1236.10 ‘external’ peak (see chart below), especially if they achieve this feat without taking a noticeable breather.
The futures finished toward the middle of their range on Friday, suggesting that buyers were not exactly chomping at the bit. My hunch is that a slow start Sunday night would be more constructive than a leap that could attract unwanted multitudes of profit-takers.
Author's note:If you don’t subscribe,click herefor instant access and a free two-week trial to the room, to Rick’s daily trading ‘touts’, and to all features of the service. It's geared to traders of stocks, mini-futures, ETFs, options and commodities.
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