The uptrend that looked so promising as trading began on Friday sputtered out, but the subsequent selloff did little damage to the hourly chart. Now we have a new rally pattern to consider that has tripped a buy signal at 1311.70. This implies August Gold could run up to 1331.60 over the very near-term, provided bulls are ready to move . This is merely conjectural, however, until such time as they push decisively past the 1318.30 midpoint pivot. Notice that there’s a small external peak 0.50 below that number that could be used as a hook for getting long. Specifically, the opportunity would come in the form of a shallow pullback from within the range 1318.40-1318.70.
