As noted in today’s commentary, 1341 is the midway point of the bull surge that carried gold from $732 to $1949 between October 2008 and September 2011. At Monday’s intraday low of 1335.10, the futures had corrected the move by almost precisely 50%. This implies that ‘camo’ traders should position from the long side now. Night owls take note: You will see in the 15-minute chart that accompanies this tout that there are numerous closely spaced ‘external’ peaks that can be leveraged for this purpose.
