With gold making all-time highs on Friday and nearly so in the early hours of today’s session, the patterns are essentially all bullish, and the targets are numerous.  A robust pattern on the monthly chart of the December 2010 contract gives us a “D” target at 1400.8, and the futures have come within three dollars of that target three times since Friday morning.  This is quite close, given that the “C” point is more than $350 lower.  Gold’s explosive rally from the low that followed Wednesday’s FOMC announcement launched a new intraday pattern whose midpoint is 1406.3, which nearly coincides with another pivot first touted on November 1.  This new pattern is depicted in the attachment.  Should its “D” target of 1440.8 be reached, gold would be very near completing its largest active pattern, the one that begins in 2001 and whose pullback came in 2008.  The “D” target for that pattern is around $1460, varying only slightly according to the data set used.  What’s a gold trader to do?  We would emphasize the long side, but don’t rule out a deeper decline from the 1400.8 pivot, which has already been “hit.”  (Posted by Doug McLagan)