Although there’s a solid consensus in the chat room that a major bottom is in and that my 1665.00 target will not be reached, I have my doubts. They are based entirely on the decisive downside penetration of p=1773.80 on July 5. I have only very seldom seen ‘p’ obliterated in this way without giving way to a follow-through that hit ‘D’. If gold’s robust two-day rally is going to be an exception, the first evidence of this would come with an impulsive thrust exceeding three ‘external peaks that lie, respectively, at 1744, 1751 and 1771. That’s the kind of power rallies typically exhibit when ending bear markets. If this one can vault all three peaks with no visually significant pullbacks along the way, I’d infer it is the real deal — at long last. (July 27 note: For the December contract, the three peaks lie at, respectively, 1763.70, 1770.80 and 1785.80.)