Buyers got second wind on Friday, turning what had begun as a disappointing day into a romp for bulls. The rally extended gold’s winning streak, the best we’ve seen in nearly a year, while raising the likelihood that October’s 1191.90 high will be tested. If the futures exceed that peak and go on to better May’s 1232.30 high without correcting significantly in-between, it would give bulls more credibility than they’ve had in years. A pullback from a just above 1191.90 could provide an excellent low-risk buying opportunity for Pivoteers prepared to act when fear and uncertainty are ratcheted to-the-max.
