In the course of an interview I did yesterday with Al Korelin, I noticed something about June Gold’s daily chart that I hadn’t noticed before that accounts for this bounce from the recent low at 1539.40.  Turns out the low is just 1.40 from a bearish target that has been more than 13 months in coming. It shouldawouldacoulda been a great place to look for a ‘camo’ trade, since the low print would have been read as a breakdown beneath last May’s key low  at 1545.00. Considering the extent that the futures would have been unburdened of bullish hopes and greed thereupon, the bounce is so far worrisomely lacking in vigor. Under the circumstances, a longstanding correction target at 1487.90 should continue to temper our enthusiasm whenever gold rallies.  That’s a back-up-the-truck number as far as I’m concerned, but with risk very tightly controlled as is our habit.  Click here to sample Rick’s daily touts and 24/7 chat room free for a week.