Wednesday’s wildly idiotic price action reminded us of the days when the bonds were wont to act as though they had to do “something” nutty every time the Fed came out with a “more-of-the-same” announcement.  Yesterday brought more more-of-the-same “news” from the Fed, and gold traders went nuts for an hour before it dawned on them that the central bank’s plan to keep administered rates exactly where they are was not exactly earth-shaking news.  Later in the day, around 7:40 p.m. EST, February Gold had recovered completely from its swoon and was poking above the spiky intraday high at 1142.50.  A no-brainer target at 1147.30 can serve as a minimum upside objective for Wednesday night (see chart).  That would get the futures past the first of three peaks immediately above, but at least one more peak would need to be smashed to imply that the correction is over.  Above 1147.50, the next interesting pivot is  1155.00.  ______ UPDATE (12:32  p.m. EST):  The futures are down $10 from their highs in deference to tonight’s surge in the dollar.  The pullback  is not yet impulsive on the 15-minute chart, even, so you could say that Gold is holding up pretty well so far under the circumstances.  The 1147.30 target that had looked so promising would be negated by a print below 1129.30, a mere dollar beneath tonight’s so-far low.  FURTHER UPDATE (3:10 p.m. EST):  The 1090.20 target I proffered here a while back is still the one to care about. I said I wouldn’t touch February Gold until it hit that price, but an 1102.30 Hidden Pivot support that I posted in the chat room was too tempting to pass up. I advised exiting this scalp-trade at 1106.50, but the rally carried an additional $4, to 1109.60, before gold resumed its familiar trajectory.

ow gold minimum , as I originally had thought.