For want of an alternative point of interest, technically speaking, we turn once again to a familiar trendline that will make it possible to tune out this vehicle’s tiresome dirge. Set a screen alert for 1668.10, the price at which a rally on Tuesday would intercept the approximate midpoint of the downsloping line. Camouflage longs would be warranted on a breakout, but it seems just as likely that the line will contain the next rally. If bears wax nasty, we’d be looking at downside over the near term to as low as 1594.70 (60-minute, A=1699.60 on 3/27). _______ UPDATE (April 24, 8:25 p.m. EDT): Our all-purpose trendline comes in today at around 1666.50 mid-day. One other potential tripwire we might monitor is 1657.80, the midpoint resistance of the big pattern begun from 1613.00 on 4/4. A close above it would give Gold a fighting chance to finish the week on an upswing. The ‘D’ target of this pattern is 1691.90.
