I’ve been having a little difficulty lately believing my blandly disinterested indicators whenever gold encourages us with a so-so rally. Is this one for real, destined for big things, or is it just a flash-on-the-pan? Regardless, the fact that the December contract has reversed without having quite achieved a magnetic, clear-as-day correction target at 1268.70 is undeniably bullish. Moreover, late Wednesday night the futures were just an inch shy of vigorously refreshing the bullish impulsiveness of the hourly chart with a push above the 1296.00 ‘external’ peak shown. Traders should view a valid B-C correction from a tick or two above that number as an excellent opportunity to get long. To keep theoretical risk down to the customary 4 or 5 ticks, I’ll suggest zooming down to the 3-minute chart or less when you look for your entry signal.
