Just One Good Thrust Would Muzzle Gold Bears

Bulls barely kept their heads above water Tuesday and will have their work cut out for them if they are to avoid a dunking. That would require a print at 1277.80, a mere $7 above current levels. The most bullish scenario I could imagine at the moment would be a thrust over the next two days exceeding the 1297.05 midpoint Hidden Pivot of the pattern shown. That would steepen the trajectory of the rally since mid-February while presumably quieting the bearish buzz that seems to attend every bout of weakness lasting more than three days.

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