Hidden Pivots aside, Gold looks like it’s building a ponderous top that can only be corrected in either of two ways: a dramatic swoon, or a lengthy dirge sideways. Regardless, we’ll be watching for signs of impending drama on charts of lesser degree, since that’s where any important mood change would first be signaled. Most immediately, a gnarly pattern on the five-minute chart (see inset) suggests that moderate weakness impends today, predicated on a Hidden Pivot support at 1580.20 if its midpoint sibling at 1586.30 gives way. Neither place looks especially appealing for bottom-fishing. Alternatively, bulls would be back in charge of the short-term picture if the futures top 1601.70 today.
