June Gold’s old nemesis at 1171.80 has returned to challenge the mettle of bulls once again.  Check out the chart if your memory needs refreshing.  Although this is not a conventional or even a look-to-the-left peak because there is no stick-down low preceding it, it validated itself by precisely containing the last rally top —  1170.70 on April 12.  Bears would be seriously on the ropes if the two peaks shown were to be exceeded by an unbroken thrust on the daily chart.  But it is equally valid to say that bulls should avoid all hubris until such time as the peaks have been breached.  In the meantime, we can take encouragement from the fact that Gold is working on a bullish impulse leg to begin with — even without having surpassed the peaks #1 and #2 (respectively, an internal and an external).