If you’ve been waiting patiently to trade the breakout from the excruciatingly tedious range that has contained gold for nearly two weeks, your opportunity came and went yesterday in a tad less than four seconds. That’s how long it took DaBoyz to goose this vehicle (at 7 a.m. EST, when relatively few were watching) to a level $10 higher where, it is assumed, a new pattern of unendurable tedium can begin.
Did the rally have any meaning? It did, perhaps, at the time it occurred. But a few hours later, the creation of a bearish impulse leg on the lesser charts turned the overall price action into a less meaningful ‘duel’ between bulls and bears. Bulls still hold a slight edge for the near-term, since ‘their’ impulse leg was the more impressive. However, to confirm a bullish outlook for the minor trend would require a bounce from the p midpoint of the corrective pattern shown.
Camouflageurs can attempt bottom-fishing there, but please note that more downside to at least D=1585.00 will become likely if p is breached by more than a few ticks. Pivoteers may want to note my obsessive use of a one-off A here, which is why I drilled all the way down to the two-minute chart in the first place. I did this because of the very sausage-y quality of the point B low. ______UPDATE (March 15, 1:121 a.m. EDT): Zzzzzzzzzzzzzzzzzz,