The futures are trading exactly where they were in mid-March, having done little but palpitate in the interim. Even the weekly chart doesn’t offer much clarity, although it leaves me with the vague feeling that Gold wants to go at least somewhat lower for the running start it would take to resurrect the bull market begun in 2008 from around 680. Not necessarily a whole lot lower, though, since any swoon that marginally breaches the double bottom shown would induce the kind of fear from which powerful rallies often emerge. More immediately, though, the chart is nominally bullish, owing to the impulse leg from the New Year’s low. A ‘buy’ signal would be tripped at 1321.10, about $5 above the recent top at 1315.80.
