February Gold has now climbed nearly $50 since turning on December 12 from within an inch of a 1237.40 correction target I’d flagged well in advance. The futures were trading a few points below 1290 on Tuesday, but they will need to leap past 1321.00 to imply that buyers are serious. That would generate a bullish impulse leg on the DAILY chart. It would also exceed the 1314.00 midpoint resistance of a pattern projecting as high as 1389.60 (click on inset to see this). That target is fanciful at this point, but odds of its being reached would shorten with a decisive penetration of p=1314.00 or a two-day close above it. _______ UPDATE (Jan 1, 8:42 p.m. EST): February Gold has not achieved even the lower of the two bullish benchmarks flagged above.  (Click here for new chart.) However, last week’s strong, steady rally is reason to take encouragement. Let’s see what another day or two brings.