The chart implies that I am cautiously bullish, but that’s a small exaggeration. The recent dip below 1800 seems to have exhausted sellers for the time being. However,  bulls, such as they are, appear to lack the energy or enthusiasm for turning things around.  For starters, they would need to surpass early May’s 1917.60 peak to generate a bullish impulse leg on the daily chart. In the meantime, there’s no point getting excited about gold’s prospects until this happens. A relapse that breaches the 1792.00 low would have very bearish implications. Alternatively, if gold shocks with a powerful rally that blows up p=1937.20, we could justifiably take an earnest interest in the 2082.30 target, which is theoretically in play because the green line has been touched.