If the turgid price action of the last four days is a consolidation it’s a weak one, judging from the futures’ failure to ‘actualize’ minor impulsive thrusts on the hourly chart. Nevertheless, traders looking for a buying opportunity shouldn’t hesitate to leverage a ‘b-c’ pullback from a top that falls within peaks #1 and #2, since that would be as good as it gets for creating subtle camouflage in advance of a breakout. Upside potential thereupon would be to 1528.10, the D target of the pattern shown. _______ UPDATE (10:48 a.m. EDT): Gold has relapsed and is down $28 at the moment. No bullish impulse leg was formed prior to the selloff, even on the lesser charts, and no buying opportunities were signaled.
