For gold investors, every day of pleasure seems to beget five days of pain. Yesterday was no exception, even if it combined both in the space of a few hours. When the dust settled, it was pain that had won the day with a $36 reversal to the downside. Nasty and brutish as the selloff was, it left the bullish impulsiveness of December 1’s upthrust intact, if somewhat shakier. Traders looking to get aboard for a possible next rally should attempt to do so at the 1182.25 target shown, but be aware that more slippage to at least 1164.20 would become likely if the midpoint support is exceeded by more than a few ticks.
