June Gold became a bull trade with yesterday’s $30 surge, but powerful as this impulsive move was, I don’t much trust it. Let me therefore stipulate that whatever follow-through impends, it achieve a minimum 1307.20 by Sunday night. That would refresh the bullish energy of the hourly chart, exceeding a small but technically significant peak recorded on the way down last week. Failing that, the 1260.10 downside target remains not only viable, but an excellent place to attempt tightly-stopped bottom-fishing if the futures should suffer a relapse. (Note: This target has mutated slightly in the past week, from 1263.10 to 1265.60, but I like the current one, 1260.10 best, probably because the downtrending pattern itself has become so gnarly in the last few days.
