Gold is technically in a bullish phase, having completed a correction down to the 201.40 target of the reverse pattern shown. The initial move off the low was sufficiently robust to affirm the bullish picture. However, price action since has been feeble, presumably because the steep, month-long rally from October’s 1861 low needs more time to consolidate before the futures embark on another powerful run-up.  We can only bide our time while bullion dithers, since trading the relatively small oscillations is hard work. I will signal nonetheless if an exceptional opportunity (i.e., a potentially important low) should develop.