Gold futures are up sharply Wednesday night, trading 1223.30 at the moment on a $21 rally. However, to put the move in a meaningful perspective, it would take a further $139 of upside to turn the weekly chart impulsively bullishly. The daily chart is another matter, of course, and would require a print at merely 1251.80 to get things rolling for bulls. That said, the rally must be uncorrected between here and that price to hint of the kind of buying power that could conceivably end a bear market now well into its third year. Even more decisive in that respect would be an unpaused rally that hits 1294.80. Those are my bullish benchmarks, and you should set alerts at each to know exactly how encouraged you should feel each step of the way.
