Gold has been screwing the pooch since Christmas, really, and there is therefore no point in getting worked up about intraday swings of $20 or less — especially when they fail to create fresh bullish or bearish impulse legs on the hourly chart.  Today, that would require, respectively, a print at either 1127.00 or 1088.40.  Bulls looking for something subtler, albeit riskier, can infer a breakout at 1108.90, since that’s where the 3-minute chart would turn positive. _______ UPDATE:  The April contract has dipped below 1088.40, creating a bearish inmpulse leg on the daily chart. Although I am not inferring any significant weakness at this point, neither does it portend an imminent rally to new all-time highs. What gold is telling us is that, even though there is good supportive buying underneath, a period of consolidation lies ahead. I wouldn’t be surprised to see Gold trading a month from now about where it is today. Most immediately, the futures appeared bound for a minimum 1073.20.