With the exception of June 1’s bullish wilding spree, price action during the last month has produced precious little evidence that Gold wants to move higher. That could change overnight, of course, but the burden of proof will remain on bulls for now. Most immediately, they’ll need to leverage yesterday’s close above the midpoint resistance of the pattern shown. The breach portends more upside over the near term to its ‘D’ sibling, 1653.30, at least, but what happens next is what matters. As always, if a ‘D’ target — especially one that will have been two weeks in coming, as this one has — gives way easily, buyers will have a green light to push this vehicle to the next major Hidden Pivot. FYI, “next” in context means the 1744.30 midpoint resistance of the daily-chart pattern A=1491.60 (7/1/11), B=1921.50 (9/6/11), and C=1529.30 (5/16/12).
