Since there’s no particular reason we should trust a rally in gold, let’s hold onto the bearish, 1254.10 target that has served to keep us on the right side of the trend in recent weeks. That said, Friday’s brisk upthrust barely tripped a ‘counterintuitive’ buy signal at the green line, 1275.20. That implies that our trading bias should be bullish at least until such time as p=1286.50 is reached. I’ll recommend getting long either at will, via ‘camouflage’; or ‘mechanically’ via a pullback to the green line after several ‘lazy’ bars have traced out above it. For now, unless you know how to execute a ‘camouflage’ entry, stay tuned to the chat room, watch and listen.______ UPDATE (Oct 31, 4:32 p.m.): Another failed rally. What a stretch! Zzzzzzzzz. _______ UPDATE (Nov 1, 9:33 p.m.): Gold’s extremely tiresome chop points most immediately to 1286.50 (click here for chart), a minor Hidden Pivot. We can ratchet up our enthusiasm a smidgen if and when buyers decisively exceed it. ______ UPDATE (Nov 2, 5:17 p.m.): Now that wasn’t very nice. DaBoyz goosed gold to an intraday high at 1285.10 that fell 1.40 shy of the rally target I’d provided. Ordinarily a small pullback from somewhere just shy of a target is not bearish, but in this case the pullback was sufficient to wipe out the day’s considerable but fleeting gains. We’ll repair to the sidelines for now, but with low expectations as the week draws to an end.
