February Gold (778.80)

The futures were creating moderately bullish impulse legs on the lesser charts Tuesday night, suggesting that the buoyancy might continue into Wednesday. Another positive sign was that the intraday low occurred 1.60 above the 771.70 pivot whence we might have expected a bounce. These signs are encouraging but too subtle to get excited about. The outlook would brighten even more, though, with a push past the 791.20 target shown in the accompanying chart.