Doug McLagan’s most recent, detailed analysis will be hard to improve on, especially since we have both taken note, at different times, of a potential short-term top at 1244.20, a Hidden Pivot that lay just smidgen below last week’s actual high. As Doug made clear, we’ll be better able to gauge the bulls’ resilience when we see how eager sellers are to push the futures beneath some prior lows on the hourly chart.  For starters, it would take a print today below 1230.70 to create a bearish impulse leg. Failing that, the bears could get shoved all the way up to 1257.00 before they find a backstop.  That’s a Hidden Pivot rally target tied to a midpoint pivot at 1234.30, so you should look for a camouflaged bottom-fishing opportunity near that number. The trade would be worth three or four ticks’ risk. ________ UPDATE (9:29 a.m. EDT): This morning’s obligatory, absolutely gratuitous swoon bottomed at….1235.00.  Don’t fret if you missed getting aboard, since even on the one-minute chart there were no camouflaged patterns to grab hold of.  If you trade gold, take the hint and go fishing.