Yesterday’s impressive shakedown stopped a single tick shy of a key structural support on the hourly chart ( see inset), suggesting that the whole episode was strictly business rather than evidence that bulls have changed their minds. Why should they?  Anti-gold hubris is probably near a cyclical peak, what with: 1) the end of QE2 (yeah, sure…), and 2) the release of crude oil from a virtual “strategic reserve” that will power the world’s engines, generators and ferris wheels for all of about 13 hours.  We’ll start to worry about the intermediate-term if the futures dive anew today, breaching the 1504.90 low from May 23. That would create a powerful impulse leg on the hourly chart (although it would take 1446.10 to do so on the daily).