I’ve reproduced the 240-minute chart because it provides a clear perspective for seeing what must happen for Gold to become interesting. Very simply, the February contract must traverse the gap between the two labeled peaks without a B-C correction. It can chop around as much as it wants in the meantime, but once it gets above peak #1 (1718.80, aka “the starting line”), it will have to continue up to 1725.00 without pausing for breath. If the impulse leg, still unpaused, were to exceed a third peak at 1733.70 recorded on 11/30, that would all but clinch a run-up to $1800. I’ve set screen alerts at these thresholds — and so should you if you don’t want to get stressed over mere noise. _______ UPDATE (2:37 p.m. EST): Today’s spasms exceeded peak #2, but it took a pullback and a running start after peak #1 was exceeded to accomplish this. The pullback does not show up as a true B-C correction on the 240-minute chart, but I’m inclined to downgrade the imputed power of the thrust because of the way it looks on the hourly chart.esult, on the 240-minute chart. Looking ahead, we’ll set a new bar that will require the futures to create a new impulse leg with a ‘B’ top exceeding November 30’s 1733.70.
