Once more, Gold has gone down for the “mandatory eight count” only to spring back to its feet, dust itself off and run right back up the ol’ wazoos of the Bad Guys. The rally has exceeded the 1761.10 benchmark I’d noted here earlier, ensuring that a new bullish impulse leg will be created on the hourly chart as soon as a pullback occurs. This hasn’t happened yet, but if the AB-leg top is in at 1772.70, the retracement would need to come down to at least 1763.30 before we could consider the futures fully charged for a D-C follow-through rally. From a low at that price, a Hidden Pivot ‘D’ target at 1801.50 would be in play. Night owls looking to get long via camouflage should go to the five-minute chart and use several peaks made on the way down on Friday. As of around 7:25 p.m. EDT, just such a peak at 1769.90 had been surpassed.
