The futures look a little toppy, so we shouldn’t let a still-unachieved target at 1597.80 distract us if there’s a hint of an impending swoon. The hint would come by way of the creation of a minor, bearish impulse leg, or perhaps the breach of a midpoint support on the lesser charts. The accompanying chart shows exactly what I mean, since August Gold’s correction from yesterday’s high has stalled within a single tick of a minor midpoint support at 1584.40. Were it to give way, a leg down to at least 1577.70 would be a likely result, crashing no fewer than one “internal” low and two “externals. That would most surely turn the short-term picture bearish, putting bulls on the defensive when the new week begins.
