The futures were up as much as $12 Sunday night, but I’ve reproduced a daily chart that shows how technically insignificant this flurry of buying was. A bigger picture shows gold still struggling for loft after last week’s harrowing test of a long-term trendline. The lack of a bounce so far suggests the trendline is going to be re-tested soon, so we should be alert to any possible ‘camo’ buying opportunities that crop up. The trendline will come in at around 1567.00 this week, and any oscillations around that number should therefore be scrutinized for uptrending abc patterns that meet our entry criteria.
