Friday’s dismal action generated a downside target at 1590.00, subject to midpoint support at 1629.00. That Hidden Pivot was breached on Friday by 1.40, but we shouldn’t treat it too seriously because the short-term trend will become a jump ball when trading resumes Sunday night. A larger corrective pattern points as low as 1464.70, a number given here previously that is tied to a 1573.10 midpoint support. That’s my minimum downside objective if Gold gets hammered again today. Alternatively, 1704.90 is still the number for bulls to beat if they want to get back in the game. Night owls can try bottom-fishing the pattern highlighted at the right-hand edge of the chart, provided it plays out to a usable ‘p’ midpoint or ‘D’ target.
