Gold bulls have enjoyed a 16.3% rebound from the February low. Yet volatility is clearly declining as prices rise, suggesting bulls may be running out of steam. Gold futures volumes have also fallen throughout the rally, hinting that a corrective move could be brewing. However, a deeper correction would require gold to take out the February low and extend the decline from the all-time high. If that were to occur, it could suggest we are witnessing a classic dead-cat bounce. For now, my base case is that gold holds above the February low, although momentum may soften in the near term. I do not see a catalyst bearish ... (full story)