The gold chart is predominantly bullish, but it is due for a larger pullback and has been trending lower for the last week.  Duelling patterns give us an array of trading opportunities.  The bullish pattern in question targets a new high for the multi-month rally at 1818.30, but in the meantime the pattern’s midpoint at 1788.40 might be the level to dash the hopes of impatient gold bulls.  A smaller but well-formed bearish pattern has a midpoint at 1765.00 and a ‘D’ target at 1753.50.  These pivots are where well-funded gold buyers might step in, buyers who have thus far prevented gold from retracing a large part of its recent rally.  The outlook for gold is balanced between the need for a larger pullback and the notion that the lengthening trading range is satisfying that need.  (Posted by Doug “harry” McLagan)