Yesterday’s decline formed a weak bearish impulse leg on the daily chart by surpassing a single external low , but it took a two-day retracement rally and a running start to do it.  That’s pretty timid action for what some seem to fear could be the start of a major correction in gold. That’s possible, of course, but on first evidence, we needn’t cower in fear at the prospect — and we should certainly be ready to seize the opportunity the moment bulls turn things around.  Most immediately, however, a 1291.60 Hidden Pivot support that I broached here earlier must be viewed as the minimum damage to expect in this now five-day-old correction.  The midpoint support associated with that number lies at 1320.60, and because it has already been breached by a decisive $2.40, we must assume that the ‘d’ target itself is in play.  Alternatively, a “soft” peak at 1358.90 that we’ve dwelt on in recent days remains the number to beat if bulls are to reverse the momentum of this slide.  A more subtly nuanced (and more speculative) sign of a turn would come today at 1333.60, where the five-minute chart turns bullish.  _______ UPDATE (2:53 a.m. EDT):  The futures are in a take-no-prisoners rally early Monday morning, but the so-far high at 1347.10 is still $2.60 shy of becoming impulsive on the hourly chart.  More than merely impulsive, however, would be still better, and that’s why we should be rooting for a print at 1359.00 today.  It is there that the bad guys would be likely go into pain-avoidance mode via short-covering.