Gold launched Sunday evening with an overly ambitious upthrust that has since been rebuked. However, even the low of the pullback so far is above Friday’s highs, so I’d say the action looks healthy.  We are of course monitoring a potentially important Hidden Pivot target at 1581.20, but we should also be alert to the possibility that the downturn we’re expecting could come from somewhere below it. So far, the high has been 1577.80, but it would take a correction down to 1523.80 to make the target-miss “official.”  That’s where a bearish impulse leg would be created on the hourly chart, and if it happens, it would be a warning signal that we could not afford to take lightly.