Gold finally got airborne Thursday, generating the strongest impulse leg we’ve seen on the hourly chart in more than a month. The surge breached not only the single ‘internal’ and single ‘external’ peaks we require, but a second ‘external’ for good measure. This should suffice to keep the futures buoyant into next week, at least. It could also make any pullback that meets our ‘camouflage’ criteria a low-risk buying opportunity.

To that end, I’ll recommend doing your hunting on the 5-minute chart or less, but with one caveat — i.e., that you not attempt entry until a second point ‘C’ has been created. This precaution acknowledges that yesterday’s move will have turned many fence-straddlers, erstwhile snoozers and dabblers bullish. The goal is to let them all get stopped out on an initial, presumably failed, push of a C-D follow-through. Keep in mind that it might take a third point ‘C’ before most bulls have been shaken off and the rally resumes in earnest. From a Hidden Pivot standpoint, this rally has the potential to reach 1428.80. However, crucial resistance at 1358.90 would first need to be reached — and then overcome.