Yesterday’s psychotic jig may have caused some traders to tear their hair out and others to weep.  When the regular session began, the futures were in a steep climb toward the 1279.80 target we’ve been using to keep us on the right side of gold. However, they reversed direction sharply and gave up $22 of the gain in a single bar when Draghi began to speak. Whatever he said, speculators inferred that it was bad for the euro, good for the dollar, and therefore bearish for gold. The diving reaction to the eurobankster’s latest twaddle was ridiculously overdone, as we might have expected, but the 1279.80 rally target still obtains. ‘Camouflageurs’ can use a pullback to the green line at 1239.00, stop 1225.30, to get long off a ‘mechanical’ signal. _______ UPDATE (April 24, 3:31 p.m.): The 1225.30 stop held, but the subsequent bounce did not exactly get us into the comfort zone. At the risk of getting whipsawed when Gold starts to trade again Sunday night, I’ll recommend using an ‘impulsive’ stop-loss on the three-minute chart. Based on Friday’s settlement, that would imply exiting the position if the futures dip below 1229.90. Otherwise, we’ll continue to hold for extra bases — meaning in this case 1279.80.  If you hold more than one contract, take a partial profit on half the position at 1240.00. ______ UPDATE (April 25, 11:15 p.m. ET): A typo for which I apologize would have caused traders to exit half of the position for a very small profit of $1.00. I’d intended an exit at 1242.00 but wrote 1240.00. Moving forward, I’ll recommend an ‘impulsive’ stop-loss at 1237.60 for the remainder of the position.  Otherwise, cash out an additional 25% at 1245.70, my immediate target. It can be found on the 5-minute chart using the following coordinates: A=1235.80 (4/25 at 9:10 a.m.); B=1243.80 (10:20 a.m.) A whipsaw seems somewhat likely to me here, but I don’t feel like playing dangerous games with the night shift.