December Gold’s failure to generate a bullish impulse leg on the hourly chart is now at five days and counting — not very impressive, to put it mildly.  Under the circumstances, I still expect a relapse down to the 1250.50 target shown, although bulls could earn a respite with a pop exceeding the 1337.80 ‘external’ peak shown. Bears show no real conviction either, so we should look for some news tidbit with the vaguest possible tie to the inflation/deflation theme to end the stalemate.