The rally from Monday’s low is impulsive enough, but there’s a question as to whether the pullback from yesterday’s highs was sufficient to recharge August Gold for another leg up.  The futures needed to have pulled back to 1228.13, but they turned higher from 1228.30.  We’ll give the bull the benefit of the doubt, but traders should not take the implied target at 1250.30 for granted. Its sibling midpoint lies at 1239.30, so anything above that would be most encouraging. _______ UPDATE (12:23 p.m. EDT):  Gold rallied $20 overnight, topping at exactly 1250.30 this morning.  A shallow pullback during the last two hours appears to have rejuvenated buyers for a push to the next important threshold, 1272.60.