Too many Bugs got too brave as the CoT structures became bearish for a correction at least, and bear market resumption at most. I leaned toward the former. We’ll check up again on CoT tomorrow. As of Tuesday the 17th, CoT was not yet repaired on a short-term basis (longer-term it is on a productive trend).

Here is the daily chart we used in a subscriber update yesterday. The black arrow means only everything because a lower low in the series of higher highs and higher lows would signal a very bearish interim phase and a kaput rally. So far, so good. Okay gold bugs, the time is now. Get ‘er done.

Gold has a lot of work to do, however. If it does rally (conveniently, into PDAC?) it must make a higher high above 1300. That’s what a rally is and that is what a bull market is; higher highs and higher lows. Pretty simple.