Gold followed stocks down, then up, yesterday — until the latter effervesced on a short squeeze into day’s end. Even so, bullion’s weakness has gone no further than the midpoint support shown in the chart, and it looked like an appealing place to try bottom-fishing using camouflage on the one-minute chart. As of around 12:31 a.m. EDT, an impulsive rally had just exceeded an ‘external’ peak at 1579.90, but the move is already too strong to yield the kind of subtlety we need for a low-risk entry. _______ UPDATE (1:43 a.m. EDT): The move died, although the coordinates shown in the chart — both support and resistance — remain valid as of this moment.
