Veteran Pivoteer Steve Scheler posted a pattern in the chat room yesterday that nicely — and precisely — explained the 1366.00 top in December Gold. It came from the pattern shown in the accompanying chart, with 240-minute bars that highlight the enticing similarity between k-A segment and B-C pullback. You can also see that the futures did not fall nearly far enough yesterday to create a bearish impulse leg on a chart of this degree; indeed, even on the hourly chart sellers turned chicken just shy of a wee look-to-the-left low at 1324.80.  My hunch is that they’ll have difficulty extending yesterday’s drubbing into a multiple-day affair.  In any event, to gauge the strength of any selling, use the hourly chart and the one-off ‘A’ at 1362.80 to find a telltale midpoint support.  If it’s easily breached, and especially if the ‘D’ target of the retracement is reached, that would imply weakness is likely to greet the new week. ______ UPDATE (11:37 a.m. EDT): Gold has leapt into the faces of the bad guys today, and, happily, is tearing out their eyeballs as I write these words. We’ll need to see a 1372.90 print to completely devour the bears, bones and all, but it feels like it’ll come.