The bullish pattern shown is gnarly but delicate, since it wouldn’t take much selling to invalidate it. The good news is that if it survives and the futures rally past the 1139.30 midpoint resistance without first dipping beneath the point C low at 1129.50, the resulting pattern would sufficiently energized to reach the 1149.00 target without difficulty. Of course, a decisive move past it would suggest buyers have more ambitious goals in mind, and perhaps enough energy to promote a rally that lasts more than a day or two. _______ UPDATE (1:08 a.m.): A slightly lower low has not killed gold’s odds of rallying, just altered the numbers slightly. Now, it’ll take a pop above p=1138.40 to build up some steam. Thereupon, the D target to beat would be 1148.10.
