A fall to at least 1140.10 seems unavoidable, considering the weight and precision of the corrective pattern (see inset). It’s too pretty to not pan out, really, even though we should expect a bounce from above (or perhaps just below) the 1168.00 low recorded on May 20, as well as from the 1155.00 target of a lesser down-pattern. We’d want to judge any such rallies strictly, since, at that point, the burden of proof for the intermediate-term outlook will lie with the bulls. _______ UPDATE (1:10 p.m. EDT): Gold has paid scant attention to my forecast, diving nearly exactly to the midpoint of a pattern I’d overlooked (5-minute, A=1194.70  at 4:50 a.m. on July 19), then trampolining $18 on the recovery to a so-far intraday high of 1193.70. We shouldn’t be too impressed, however, since the high fell a dollar shy of yesterday’s peak — not to mention, $4.20 shy of a peak at 1197.80 “along the wall” of last Friday’s steep decline.  Bulls will need to clear that hurdle before we take encouragement, let alone get excited. Still, it’s nice to see bears on the run for a change.