During an impromptu webinar yesterday, we looked for a way to initiate a long position on-the-spot but found nothing. The next three hours of meandering retroactively justified our inaction, but what now? My gut is saying that yesterday morning’s rally out of the hole, a $16 thrust, should have gone a bit further, surpassing an 833.80 peak made on the way down Tuesday, if the futures are about to take a leap higher. However, a print at 833.90 is still the benchmark for turning bullish on the short-term picture. Incidentally, the futures have exhausted all downside targets on the hourly chart, having bottomed most recently just above the 813.30 Hidden Pivot shown. This is not necessarily bearish, but if the low gets whacked hard by week’s end, it could spell more weakness down to around 766, the midpoint of a larger pattern. _______ UPDATE: I posted the following in the chat room this morning: Most compelling target on Feb Gold’s chart: 766.60, a major HP midpoint. (180m chart, A=938.80, from Oct 10) That’s where I think gold is going — a back-up-the-truck number.