It may prove significant that the futures have created a bearish impulse leg on the hourly chart without having quite achieved their last rally target, 1272.60.  If this had happened to some broad stock-index such as the Diamonds or SPY, I’d have given bulls last rites.  But because the selloff occurred in Gold, we’ll treat it with a little more skepticism, especially since the ostensible reason for bullion’s plunge is the crackpot notion that China’s revaluation of the yuan will somehow turn the tide for a world sinking deeper each week into full-blown debt deflation.  Regarding the hourly chart, we’ll need to see a rally and then a c-d decline to a Hidden Pivot midpoint before we are able to confidently assess the resolve of sellers. For now, though, I see the selling as having been orchestrated by strong-handed buyers rather than  the onset of something serious.