Comments in today’s editorial about Silver’s serene, steady recovery from Wednesday’s shock-and-awe selloff apply to gold as well, since there is a precise benchmark similar to the one cited in Silver that we can use to gauge the strength of the bounce. It lies at 1740.00, nearly $20 above current levels, and is shown in the chart. More immediately, as of around 7:45 p.m. EST the futures were having some trouble staying aloft, and the most recent peak, 1724.40, noticeably failed by a few ticks to get past an ‘external’ high. Be that as it may, there is an unfulfilled, minor rally target at 1735.70 that we can use as a minimum upside objective for now. The 1723.90 midpoint has been impaled, trampled and otherwise abused, but night owls looking to get long should try to do so following a consolidation or B-C pullback from above it.
