Gold played touch-sies with our target yesterday, only to retreat timidly thereafter. The selloff did no technical damage, even on the 15-minute chart, so we shouldn’t read too much into it. However, if the futures are to get back in bullish gear, we should ask that they demonstrate their intentions with a leap exceeding 938.80, a small but significant peak made on the way down in late March. That would create the kind of bullish impulse leg on the hourly chart that would not be easily reversed. _______ UPDATE (10:10 p.m. EDT):  The futures went silly shortly after 8 p.m., creating in just a few blinks some price bars that probed as low as 885.70.  For the next few hours, at least, the markets will test the rationality of this inscrutable print, guided (or perhaps misguided) by whatever rumors find their way onto our favorite gold sites.