Considering how modest our rally target is, the futures are taking their sweet old time getting there.  We should use 1223.90 for now, based on the pattern shown in the accompanying chart.  Its sibling midpoint is 1213.20, but an intraday breach has not been sufficient to propel the futures the rest of the way. _______ UPDATE (12:17 p.m. EDT):  The futures have broken sharply lower this morning, presumably taking the path of least resistance. We now need to face the music –that the correction could continue down to as low as 1140.10 before strong hands start grabbing for bargains. (See new chart.  Here are the coordinates for the downtrend, from the 60-minute chart: A=1263.70 (June 28), B=1185.00, C=1218.80.)  The HP midpoint of this pattern is 1179.40, and so that will serve as our minimum downside objective for the near term. A close below it, however, would portend a full-blown retracement to 1140.10.  As Gold continues to fall, we should also monitor a lesser midpoint/D pairing (where A=1248.80, from June 30) of 1186.90/1155.00.  That midpoint has already been breached by $1.10, but we should stipulate a close below it before inferring the worst.