I’d suggest not taking this vehicle too seriously at the moment, since it seems bound and determined to screw with our heads. In any case, the best clue we’ll have concerning the short-term trend will be price action at the p midpoint of the pattern shown. A bounce from within a couple of ticks of it would be a first step in the resumption of the bull trend, still viable, that began last summer. Keep in mind that p could migrate higher if gold’s so-far timid ascent Sunday night continues. ______ UPDATE (9:16 a.m. EST): February Gold has rallied a gratuitous $15 within a meaningless range this morning — stronger than the behavior shown in the chart I’d sketched out, but not so strongly as to imply anything in particular.
