The gold market recently impulsed powerfully upward and might now be pulling back toward the “window” from which a robust bullish pattern will emerge. The ‘A’ point that we should be watching is marked on the attached daily chart, at 1592.10. On Sunday evening the impulse wave made its peak thus far, seven ticks above a landmark external peak made on May 1. It was from that high that gold plunged into its first of several tests of the 1525 support area, a level that had been established at the end of last year. The attachment highlights the 1640 area as a logical place to look for a ‘C’ point before the uptrend resumes. (Posted by Doug “harry” McLagan)
