Gold has traded within a twenty-dollar range this week and remains bullishly impulsive until and unless it pulls back to the $1650 level or lower. Tuesday’s rally to a tick below $1675 deprived us of the downward trajectory that we need for Hidden Pivot purposes. It also limits the bearish targets that we can infer from this week’s rangebound trading. But gold has a tendency to punish buyers who chase it as it moves up, so the prudent thing now is probably to stand ready to buy the dip if we get one. (Posted by Doug “harry” McLagan)
