Gold went impulsively bullish on the hourly chart at around 11 a.m. with a thrust that had good camouflage potential. Notice in the chart how the A-B leg got past the required internal and external peaks without disturbing a “marquee” peak at 1631.60 that we should hope attracted the rapt attention of our competition . The pattern even has single-bar coordinates all around, so it was ideal for hitching a ride north. Entry was signaled at 1682.60, but the so-far high at 1631.00 is $2.10 shy of the 1633.10 needed to rationalize taking profits on half the position. That would be what we classify as a “successful” camo trade, but it would take a run-up to the 1642.10 ‘D’ target to produce a camo “winner.” If the futures can do just a little better, surpassing the small peak at 1645.60 recorded Wednesday on the way down, that would leave bulls in good position to recoup some lost ground come Sunday night.
