The bull trade recommended in the wee hours last night would have worked nicely using a ‘timed buy-stop’ as advised. I am not tracking it, however, because there were no reported fills in the chat room. Be that as it may, and notwithstanding the fact that August Gold has just poked above round-number resistance at $1600, I am mildly skeptical of the rally because it has yet to ‘go impulsive’ on charts above the level of intraday. I’ve provided some further explanation for my outlook in an interview I did yesterday with Al Korelin.

For now, though, a rally target at 1657.90 can be used as a minimum upside objective. Getting there should be a piece of cake once the futures have closed above the authoritative trendline shown in the inset. (Note: Camouflageurs can try leveraging the breakout on the lesser charts.) However, please note that it will take a bit more than 1657.90 — specifically, a thrust exceeding 1674.30 —  to get past the first true ‘external’ peak on the daily chart. Receive a free trial subscription by clicking here.