With today’s thrust, February Gold has extended its rally from 1238.30, a bottom recorded on Monday that could prove to be important. It occurred less than a dollar from a target we’d used that had been three months in coming. A bounce lasting another 3-4 days would be appropriate if the larger downtrend is fated to resume. In any case, the rally would need to surpass the 1321.00 peak labeled in the chart to demonstrate real staying power. The futures should be traded with a bullish bias in the meantime. I haven’t established a tracking position because getting long at the low required bidding a few ticks above where I’d suggested. Subscribers who traded my guidance aggressively and got long nonetheless have enough of a cushion by now to relax and do as they please. The so-far high of the move is 1259.70, representing a $21.40 reversal. _______ UPDATE (Dec 14, 4:36 p.m. EST): Wednesday’s mildly promising rally turned flaccid after buyers failed to maintain altitude above the previous Tuesday’s high. I’ve downsized my short-term outlook with a small pattern yielding a 1272.10 target. Critical resistance is at 1262.50, somewhat above today’s peak. ______ UPDATE (Dec 17, 9:34 p.m.): Gold head-faked above 1262.50 on Friday, then died. Consider this trading vehicle worthy of our attention only if it pops above 1271.80 or falls below 1242.30. The 1272.10 target given above remains valid. _______ UPDATE (Dec 20, 6:01 p.m.): No change in my guidance. Although today’s high at 1271.40 came very close, it did not satisfy my requirement.