The 1880.10 rally target first flagged here a while back now looks very likely to be achieved, and sooner than I’d expected just a week ago. Back-to-back rallies on Thursday and Friday caught bulls and bears by surprise, although the former are likely to remain skeptical, given the many setbacks they’ve suffered over the last ten months. More interesting than the 1880.10 target is one at 2324.70 activated by the thrust slightly past the green line (1838.30) of a significantly larger pattern. We’ll need to see how well buyers handle p=2000.50 of that pattern before we can determine the odds of a further run-up to 2324, but p itself looks no worse than an even bet to be reached. _______ UPDATE (May 12, 11:08 p.m.): Make that, achieved later rather than sooner, since gold has lapsed back into its wonted torment-those-who-love-it-most mode.
