June Gold crushed a 1487.90 Hiden Pivot target on Friday, exceeding it by $12. This all but guarantees lower prices, but we don’t have much to work with in calculating the next tradable low. I’ve settled on a pattern that is pure ‘sausage’ on the weekly chart, with a point B low that failed miserably to exceed any prior lows of significance. The pattern looks just as bad on the daily chart that I’ve provided here, but, as I mentioned in today’s commentary, the 1414.50 target is good enough for government work. In practice, this means we can use it as a minimum downside target, but also as a place to attempt bottom-fishing with camouflage. _______ UPDATE (April 15, 12:11 a.m. EDT): The futures have gotten sacked tonight, with a so-far low of 1422.20. I am still recommending tightly stopped bottom-fishing near 1414.50, but if this Hidden Pivot gives way it would portend more slippage to 1371.70. For information concerning the provenance of this target, check my post at 16:09 in the chat room. _______ UPDATE (8:26 a.m.): The Sunday night massacre has exceeded my worst-case Hidden Pivot target, with the June Comex contract hitting a so-far low of 1385.00. Switching to conventional technical analysis, there are now two numbers we should keep in mind as possible bear-market lows: 1) 1341, representing a 50% retracement of the rally from 2008’s watershed low of 732; and 1188, a 0.618 retracement
