GCG10 – Comex February Gold (Last:1131.50)

Gold futures continued along their tortuous path lower yesterday, far from invincible, but nonetheless defiant. The nearest Hidden Pivot support of significance is 1103.50, but lesser patterns promised relatively low-risk bottom-fishing opportunities above it.  My suggestion is that you use ‘p’ midpoints to do so — most aggressively when the patterns that have produced them evince the gentle arc of the one shown in the chart.  Best possibility as of 9:30 p.m. EST would come on a swoon down to 1122.00.  Bulls can get excited if a rally exceeds 1154.50 0vernight or Thursday morning, since that would create a  quite bullish impulse leg on the hourly chart. _______ UPDATE (9:44 a.m. EST):  Using the 1122.00 pivot flagged above would have caught the best trading opportunity of the day, since the futures bounced $11.50 from a 1121.80 low.  The bottom occurred at around 6:20 a.m.  If you caught the ride, treat yourself to a Havana — or your parrots to some of that fancy Cuban bird seed.