Although February gold settled somewhat below the intraday high, the bullish pattern shown, with a 1091.10 target, remains intact. A ‘mechanical’ bid at p=1073.80 would have required a stop-loss at 1068.00, but keep in mind that stops for this type of trade will be significantly wider than the ones we use with ‘camouflage’ entries. Note that we do not typically enter this vehicle on the long side in as forgiving a manner as most other symbols, since bullion rallies are so prone to disappoint. _______ UPDATE (January 5, 6:33 p.m.): No change. Tuesday’s shallow chop looked like a bullish consolidation.
