Eagle-eyed pivoteers may have noticed that the #4 peak in the chart accompanying today’s gold commentary is a counterfeit, since there is no stick-down low preceding it.  No matter, since it looks and quacks like a duck at first glance, and because it is certain to offer the kind of resistance that only a real rally could surmount. Our target is 1245 (A=1030.00, from 10/28), and it will be in-the-bag if buyers can muster the same enthusiasm today that they showed yesterday.