I’ve greeted rallies in recent weeks with unmitigated skepticism, and dissed gold every chance I got, but today’s powerful upthrust did everything I’d asked of it, turning me — and the hourly chart — mildly bullish. The move was uncorrected as of the close, and so it’s possible the impulse leg will become even more impressive, exceeding additional peaks without pulling back. For the time being, though, I’ll suggest using the 1237.90 target shown as a minimum upside objective. It is woefully illegitimate because the A-B impulse leg clearly did NOT surpass any significant prior peaks. However, the pattern itself is sufficiently comely for us to use for targeting purposes. The move would become downright impressive if it surpasses the 1244.70 ‘external’ peak recorded on July 23, especially if this were to occur without a significant correction en route._______ UPDATE (Oct 15, 9:53 a.m.): The December contract has fallen back sharply after rallying  $15 overnight to within 1.00 of the 1237.90 target I’d furnished. For purposes of establishing a tracking position, I’ve asked subscribers in the chat room for details concerning any positions they may have held or still hold. The downturn has come precisely, and coincidentally, from the 1236.70 midpoint resistance of the pattern shown in this chart. If it is brushed aside by buyers, look for the rally to continue to at least 1254.10. _______ UPDATE (Oct 21, 5:07 p.m.): Bears remain badly on the ropes after being impaled by October 11’s big rally. However, bulls show no energy or enthusiasm for launching another leg higher. The stalemate could continue for a while, but the longer the December contract hovers at these levels, the more likely it will become to correct sharply to gain some running room. Click here for a fresh chart. ______ UPDATE (Oct 23, 11:08 p.m.): A finishing stroke to the 1254.10 target shown in this chart looks like a no-brainer from here. If the futures pull back to the green line (1228.00) first, that would generate a ‘mechanical’ buy signal, stop 1219.20.______ UPDATE (Oct 24, 9:43 a.m.): The futures have rallied $4.70 after dipping this morning to within three ticks of the green line.  I’ll establish a tracking position if at least two subscribers report buying near the low. Otherwise, cancel the bid, since I don’t want you to be opening a position on a ‘sloppy-seconds’ relapse to the green line. The 1254.10 rally target still obtains.