Gold once again showed itself able to move in lock-step with stocks — as long as stocks are falling, that is. Nor should anyone have been surprised that the totally orchestrated swoon that took the Dow Industrials down nearly 180 points on Obamacare news did not impact bullion when it came time to bring stocks back up to re-set levels. As a result, the downside target at 1497.40 given here earlier remains compelling if not to say unavoidable. Camouflageurs looking for a good place to get short should note that the 1569.90 midpoint support of the pattern has now become resistance. Alternatively, the futures would need to hit 1589.90 this week for the bull to emerge from coma. _______ UPDATE (12:24): Not to rain on your parade, but what I notice about this rally on the hourly chart is that it has failed by a few dimes to get past the first of a series of minor external peaks (i.e. 1602.00) “along the wall” of the June 20-21 cascade. Feel encouraged by the showmanship of today’s upsurge if you wish, but I’m just sayin’…
