Yesterday’s selloff doesn’t look very impressive on the daily chart (see inset), since it amounted to no more than an inside day.  It would take a move through two ‘prior’ lows to turn this chart impulsively bearish. The possibility cannot be ruled out, but until it happens there is no point in worrying about a day or two of moderate weakness.  The actual print required is 1351.50, a tick beneath the #2 external that I’ve labeled. In the meantime, if you’re looking to get the jump on a bullish turn, you should hunker down on the 5-minute chart, where a 1400.00 print would provide subtle evidence that Gold is lightening up. _______ UPDATE: Gold tanked Thursday after kissing 1400.00 to create a faintly bullish impulse leg on the hourly chart. There was no entry signal following the high, however, since the would-be ‘b-c’ correction leg just kept on going.  At the close, the futures appeared headed down to at least 1359.00 (a=1431.00 on 8/28), or perhaps 1356.00 if any lower.  Both of these numbers have the potential to produce a tradable bounce, so camouflageurs should pay close heed. _______ UPDATE (September 6, 9:47 a.m.):  Gold this morning has trampolined $35 0ff a 1358.80 low that lay just two ticks from the one predicted at 1359.00.  If you caught a ride from the exact bottom, take a victory lap in the chat room.  Ideally, you should still be long at least 25% of the original position and swinging for the fences.