Gold is getting hammered early Thursday morning, although not for any apparent reason. The raggedy bear pattern shown projects to 1675.80, but that Hidden Pivot lies too close to the November 5 low to be worth much for bottom-fishing. Still, with the 1700.50 ‘p’ midpoint support already breached, and the 11/5 low begging to be tested, the target makes a logical minimum downside objective for the near term. Since hysterical speculation seems likely down there, ‘camo’ traders will have an edge if they look for the reversal via a simple impulse leg on the two-minute chart.
