Bulls can’t be too thrilled with Gold’s ineffectual chest-beating these last couple of days.  Three times the futures have feinted toward the modest benchmarks we’d set, and three times they have failed to reach them.  The lower of the two, 1315.90, would trip the entry signal for a ride to as high as 1431.10.  Alas, the 1315.50 peak of yesterday’s fleeting spike fell four ticks shy. The other bullish benchmark lies at 1316.50, the Hidden Pivot target of a humble rally pattern begun five days ago from 1286.80.

My gut feeling is that the futures are likely to pop higher. But it is most vexing that the process has been taking so long, especially with the broad averages displaying the kind of devil-may-care nuttiness that should suffice to float everyone’s boat. Whatever happens, June Gold looked like a fetching bull trade Wednesday evening as it traced out a secondary rally pattern pointing to 1319.80.  That target would become an odds-on bet once buyers have pushed this vehicle decisively above its sibling midpoint resistance, 1313.70.