Gold has rallied smartly in the last week,  but yesterday’s failure to push above 1207.50 peak from July 23 must be judged a disappointment. A target at 1212.50 can still be used as a minimum upside objective, but the futures will need to do somewhat better, pushing above a shelf of resistance near 1222.00 formed two weeks ago, to recover the momentum that was squandered yesterday. ______ UPDATE (11:36 p.m. EDT): A little before midnight, the futures were tracing out a correction that pointed to at least 1194.80, a midpoint Hidden Pivot support that looked unusable for trading purposes because it coincided with some key intraday lows from Wednesday. If the support is breached by more than three ticks, however, it would portend further weakness to as low as 1190.10, a hidden support that could be bottom-fished with an 1190.20 bid and an 1189.90 stop-loss.

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