Yesterday’s price action may have seemed like little more than a gratuitous hump because it yielded little net progress. However, the upthrust part of the day refreshed the bull trend on the hourly chart by pushing past an external peak well to the left of it (see inset).  This is exactly how we should expect Gold to perform as long as the long-term bull remains healthy and robust. The fact that even on a “resting day” Gold was able to break new ground before falling back is encouraging. However, it will take a more ambitious leap to do so yet again, since the next external peak needing to be surpassed is early May’s record high at 1577.70. We’ll give this task some time while noting that it would take a swoon to 1515.50 to damage the hourly chart. Meanwhile, a 1595.60 big-picture target given here earlier remains valid.