A message that I left in the chat room bears repeating, since it was meant to allay anxieties concerning this so far garden-variety correction. I am trying to forecast bullion prices with coldly mechanical detachment. A potential benefit to subscribers is that they will not have to awaken each day with their nervous systems hard-wired to Comex Gold’s 15-minute chart. As I tried to make clear the other day, there is no way gold can change directions on the hourly chart, embarking on a major rally, without telling every chartist on the planet that it is doing just that.  In the meantime, I would encourage all who follow my touts not to sweat the details.  However, if I have failed to discourage some of you from overtrading a vehicle in which you have an emotional stake (i.e., a “jones”), then by all means, buy gold speculatively and repeatedly at Hidden Pivots as you please, since it won’t cost you much if you’re wrong — and because one right guess can make up for a multitude of wrong ones.

Concerning actual targets, a disinterested reading of the hourly chart suggest that the futures are likely to fall to at least 1046.80 before they can turn around. However, a rally first that exceeds 1114.50 would negate the target, and a print today or tomorrow exceeding 1122.50 would likely be enough to send shorts diving for cover. Camouflage  entry is suggest along the route of such a rally, but if the futures fall, the first place where they could be bottom-fished with a tight stop-loss would be at 1080.60, the C-D midpoint of the pattern shown in the chart.