Someone in the chat room mentioned Tuesday night that GLD had a cleaner downtrend than February Gold, with no “sausage” B, so I thought I’d have a look.  True enough, and if you can contrive to ignore the fact that there is no one-off ‘A’ on the hourly chart, there’s a 106.12 downside target to use — a little more than 4% below these levels. This is more or less in line with the 1094.30 target given for the futures, but it has been more clearly corroborated by the rally from 110.21, which lies just 0.04 points from the midpoint support. Bottom line:  You can use 110.17 as a fail-safe point for gold over the near term.  If the support is breached, it would likely spell more weakness over the near term.  Alternatively, GLD would need to print 115.36 today to turn the hourly chart unambiguously bullish.