Gold was getting whacked on this particular morning after head-faking early in the session. We placed our bets on a projected bottom at 1729.00, and, lo, the futures rallied nicely from 1729.10. Although we had to drill down to the tick chart to find a ‘camo’ opportunity to get long at the bullish turning point we’d anticipated, the trade came a cropper when it failed by a couple of ticks to reach the midpoint pivot. Even so, the 1729.10 low held for more than an hour-and-a-half, validating our approach if not a bullish outlook for the remainder of the day.
