There was less to yesterday’s rally than is apparent at a glance, since a close examination reveals that it peaked without exceeding the overnight high.  One needs to drop down to the 15-minute chart to find an impulse leg, and the only valid one evident is the pisher shown in the chart.  It is part of a pattern that projects to 1098.50, but we’ll set the bar a tad higher, at  1100.40, to alert us to the possibility that the rally is more than mere noise. _______ UPDATE:  Although February Gold managed to exceed 1100.40 by seven points, it failed nonetheless to rise above categorization as mere noise.  Tellingly, the peak failed to surpass a point ‘C’ peak that had yielded an earlier ‘D’ target at 1091.30.  For those looking to catch the ultimate low of this trying correction cycle, take comfort in the fact that Gold is incapable of fooling even the Village Idiot here. If it’s going to turn around, it cannot do so without signaling the world via a bullish impulse leg on the hourly chart.  In the meantime, it needn’t cost us anything to buy speculatively and repeatedly at the targets and midpoints of corrective patterns, as well as at the ‘X’ entry points of camouflaged rally patterns on the very lesser charts.