The futures exceeded our rally target by 3.00 points yesterday, implying that still higher prices are likely over the near term. The pattern shown is not especially compelling, but it’s all we’ve got at the moment to project a new target. It lies at 1600.40, or perhaps 1603.60 if any higher.  Camouflage traders looking for friendly entry points might want to note that the respective midpoints of these D targets lie at 1592.10 and 1593.70.  Note as well that the higher of the two Ds will not quite see the futures above a key peak at 1602.80 whose breach would be needed to clinch a new impulse leg. _______ UPDATE (2:32 p.m. EDT): The rally sputtered out with a 1588.50 high overnight, opening the floodgate to sellers supposedly reacting to a negative outlook on gold from Goldman.  We know better, though. The futures are simply working their way down to a 1487.90 target that has obtained for some time. We should of course keep an open mind to the possibility of a real reversal at any point along the way. But let’s not get too enthusiastic unless it’s sufficient to generate a bullish impulse leg on the hourly chart. At the moment, that would require a ballistic upthrust that is uncorrected between 1590.20 and 1604.40 (see chart, a new one.)