There is carnage on the daily chart that has yet to be confirmed by Gold, and it would grow far worse with just 20 cents of additional slippage beneath Thursday’s low. That would extend the bearish impulse leg begun ten days ago past a second “external” low at 15.835 recorded back in September, increasing the potential power and longevity of the move. My immediate downside target is 15.745, subject to last-ditch support at its sibling midpoint, 16.035. Alternatively, it would take a thrust above 16.785 today to turn the hourly chart unambiguously bullish.
