Nice Rally, But Can Gold Sustain It?

We had a stink bid in at the opening, but gold’s ebullient leap from well above it left us choking on dust as we played spectator for the remainder of the day. The chart shows a subtle but very compelling rally target at 1320.50, and I have little doubt the futures will get there.

However, if the rally is going to suck in more bullish buying, it will need to impale D=1320.50, the more brutally the better.  Today we’ll just watch, learn and plan.

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