Gold should soon achieve 1236.70, the lower of the two targets given here yesterday, and perhaps even the higher at 1244.20. But it is showing so little gusto in getting there that we’ll need to be on the alert for any change of direction that is signaled on the lesser charts. For today, use 1223.50 as a bearish threshold, since a print at that price would create a negative impulse leg on the hourly chart. Alternatively, take encouragement if the futures vault a minor midpoint resistance at 1232.20 in the early going.