Bias-up.

Also, Gold’s pre-open bullish potential is already getting ahead of itself.

[pay]The pre-open 6-tick surge that I noted in the First Trade, extended to 4 points into the open. A 2-point reaction down from 1839.25 touched the 1837.25 bias-up signal, whose support launched another recovery to 1840.75.

The 1842.75 bias-up target is in-play. The potential for extending to 1856.50 should be in the back of our minds, but only to inhibit shorting strength. No bearish setup can be considered between the bias-up parameters, either before fulfilling the target or rejecting the signal.

Meanwhile, note the stunning reversal and recovery in Gold. We discussed the potential for an outstanding buying opportunity during this morning’s Market Tour as price was plunging to 1181.40. The plunge’s sponsorship was not very credible, and simply holding the test of prior lows would have been bullish. Now price has turned positive already to probe above 1210.00. That pace might not be sustainable, but just closing above 1205.00 would confirm the unfinished business above at 1232.50 is in-play.

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