The June contract did all we asked of it yesterday and more, so we’ll stay with the 180-minute chart to benchmark its further progress. It’s encouraging — not to mention, refreshing — to see bullion rally at long last on a day when the broad averages have gotten creamed. A resumption of the long-erm bull? We shall see, but at the very least, a strong rally should have been expected here, coming as it did after DaBoyz ran stops Wednesday with a wicked feint beneath December 29’s watershed low, 1528.60. This was the nastiest bull trap we’ve seen in gold in quite a while, and the effect was to dump gold’s faithful, unburdening this upthrust of would be profit-takers who would only slow it down.
