Gold reached our first target at 1224.50, after price rallied 60 handles from our 1184 buy zone in two short weeks. Bears want to defend 1248 for a shot at pushing price back below 1215s. Bulls will defend pullbacks into 1205-1215s for a shot at the next upside target at 1290.10, which is CVPOC.
Our Premium Members received a flood of analysis regarding Tuesday’s potential expansion in Crude Oil – calls that helped identify today’s sell-off within 3 ticks of accuracy!
So far, the NQ has traded 255.25 points of range in the month of October, which puts it at 123% of average monthly range, with more than half of the month still left to trade. This is exactly what you would expect after the month of contraction that was seen in September, but more downside could be seen ahead, especially after the bears took 3878 offered during recent trading.
Gold reached 2-year support at 1184, which is a level that has sparked 200-point rallies each of the last two times it was tested. Bulls want to defend 1184 for a shot at 1349 by the end of the year, with scaling points at 12445.0 and 1290.10. Failure to hold 1184 opens up clear air to 1086.
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