For now, we’ll put aside a 1631.80 downside target missed on the last swoon. However, that doesn’t necessarily make Feb Gold a strong bet to continue Friday’s moderate rally. Notice how the intraday high failed by a couple of ticks to surpass the look-to-the-left ‘external’ peak at 1660.60 recorded a day earlier. This is chicken-hearted action, and it should temper our enthusiasm for jumping on the long side if the opportunity to do so is less than ideal. Camouflageurs will not have much cover if the external peak is exceeded today, since the breakout will be just as obvious to everyone else.
