The futures got whacked half as hard as they did last Thursday, putting in a shaky low just 80 cents above our 1188.70 target (a midpoint pivot).  Because the bounce so far has been feeble, however, we should be prepared for a further fall to at least 1162.30 if 1188.70 is breached decisively or if the futures closed beneath that number. Alternatively, and once again, buyers would need to pop the August contract above 1222.90 to put bulls back in command. ______ UPDATE (10:17 a.m. EDT):  Gold is struggling for altitude after bottoming overnight at 1185.00. That is bearish, but we’ll use a close below 1188.70 as our bear trigger. In the meantime, it would only take a pop to 1198.50, just $3.10 above today’s so-far recovery high, to turn the hourly chart bullish. ______ FURTHER UPDATE (1:28 p.m. EDT):  The pop above 1198.50 should be discounted, since it took several running starts to achieve. The move is impulsive on the hourly chart, but not very impressive.