Gold’s encouragements continued yesterday via a rally at a time of day when rallies seldom begin. The moderate spike at around at 3 p.m. remained a work in progress as of late afternoon and targeted 1351.80. This would be a downpayment on the 1361.00 target we were already using as a minimum upside projection for the near term. Night owls have a green light to get on board the bullish bandwagon via camouflage, since the 1338.70 midpoint resistance of the pattern targeted on 1351.80 (see inset) has been exceeded by a decisive $8.  If the target itself is easily brushed aside, regard it as all but guaranteeing a continuation to at least 1361.00. ______ UPDATE (1:31 p.m. EDT): Today’s dive was bearishly impulsive on the hourly chart and negated the 1351.80 target.  We’ll know how serious the weakness is once we’ve seen how the second leg down behaves. First, however, there must be an upward, b-c correction of at least $5.