There were some minor rally targets just above Friday’s highs, among which 1126.00 looks to be the most useful.  This is not a number to short; rather, we should look for an unlabored move through it to confirm that the futures are still tracking a course to at least 1134.50, a Hidden Pivot that was narrowly missed last week.  Above it sits another, more important, target at 1174.90 that will be the most crucial gold has faced in a long while.  I do expect it to be reached, but we should monitor the hourly chart closely nonetheless, since a trend failure that falls shy of it (or shy of 1134.50, for that matter) could have bearish implications for the intermediate-  to long-term. I have included a chart that shows how both targets were derived.