Gold bolted out of the gate Sunday night but couldn’t hold onto the relatively modest, $6 gain. The rally can be attributed to a correspondingly weak opening for index futures, but unless the tempo of the selling picks up, we should expect bullion’s performance on Monday to be lackluster. From a purely technical standpoint, the uptrend begun last Tuesday on 6/9 from 1174.30 remains viable, albeit barely so, and portends upside potential over the very near-term to the 1192.30 target shown. A relapse breaching 1174.80. however, would put a downside target at 1159.80 in play (p2), or even 1149.20. The pattern can be found on the hourly chart, where A=1204.70 on June 1. _______ UPDATE (12:13 p.m. EDT):  The futures are showing a little life at the moment, up $9.50 after having idled for most of the morning. My immediate target is 1195.20, provided the August contract can push decisively past p2=1189.40 of a pattern on the 30-minute chart that began on June 8 at 1168.50. An easy move past 1195.20 would augur more upside over the near term to as high as 1201.60.  _______  UPDATE (June 16, 8:34 a.m): The rally reversed from p2=1189.40 of the pattern associated with d=1195.20 (where a=1168.50 on 6/8). Gold fails so reliably and consistently to reach D targets that we should consider shorting p2 mechanically whenever it is hit.  There is a further problem with this bullish pattern in particular, since its point B high at 1191.80 (6/10) failed to surpass any significant peaks to the left of it.