The usual bunch of gang-bangers, mountebanks and child molesters may have knocked gold down hard from yesterday’s summit, but this failed to negate the very bullish implications of the rally that had preceded their attack. Notice that at Thursday’s 1318.90 high, when August Gold was up $43 on the day, it slightly exceeded the 1308.20 high recorded back in January 2015.  I have previously referred to this peak as ‘the Matterhorn’, and its conquest today has rejuvenated the bullish energy of the long-term charts. The rally surpassed two prior peaks (both labeled), transforming the uptrend from early June’s 1201.50 low to yesterday’s high into an ‘impulse leg’ from which any pullback should be regarded as a buying opportunity. We’ll wait for the correction to run its course before we jump aboard, but you should tune to the chat room in any case, since the turn could be signaled at any time via subtle price action on the lesser charts.  _______ UPDATE (June 19, 1:20 p.m. EDT):  Bulls recovered half of the ground they’d lost on Thursday to end the week, but they’ll need to take out the 1323.40 target shown (see inset, a new chart) to imply there’s sufficient buying power to keep June’s steep rally going. As noted above, buyers already done the heavy lifting by exceeding early 2015’s ‘Matterhorn’ peak. The move was bullishly impulsive, meaning that any pullback now to as low as 1201.60 is to be regarded as a buying opportunity. _______ UPDATE (June 20, 11:21 p.m. EDT): No change in my analysis.