This morning, the bears had a chance to inflict some serious damage to the base-like pattern that is developing in spot gold.
I guess that the weaker than expected jobs data saved the day, or at least pivoted perceptions in their tracks about any tapering or tightening anytime soon.
That aside, purely from a pattern perspective, doesn't the June-Aug pattern in gold resemble a cup and handle base?
If that is what this is, then gold ended a pullback this morning, and started a new upleg that suggests the handle portion of the pattern is complete.
A climb above $1340 should trigger a powerful follow-through that points to $1400-$1420.
Only a break blow $1270/65 wrecks the developing constructive set up.