The succession of lower targets I’ve put out in recent weeks was intended to keep subscribers from turning bullish prematurely.  For the most part, gold has taken a precise bounce from each, usually with sufficient vigor to be tradable. However, none of the rallies has gotten very far; moreover, the targeted supports have not survived for long. This is a key factor in calculating how much more downside might be coming; for if bearish Hidden Pivot targets that have taken weeks to achieve are obliterated in mere hours, this is a reliable sign that even lower prices impend.  In the current context, yesterday’s nearly effortless breach of a 1272.00 target we’d been using implies that another, more important one at 1125.00 — my worst-case low for the intermediate term — is very much in play.

More immediately, the futures will have a chance to gain traction at the following Hidden Pivot supports:  1237.40;   1212.80 and 1196.40. The first is my minimum downside projection for the near-term. As noted above, if it’s easily breached, the next, 1212.80 would be in play; and then the next.  Each of these numbers can be bottom-fished with the tightest stop-loss you can abide (but no more than six ticks in any case).  You should step up your contract size only if you know how to use ‘camouflage’ to reduce your entry risk.  Of the three targets, the middle one should be deemed the least reliable for purposes of bottom-fishing. _______ BULLETIN (November 14, 1:58 a.m. EST): A very promising rally in after-hours trading has turned the 240-minute chart bullish for the first time in weeks. Even better for us is that the developing impulse leg (A=1267.40 at noon; prospective B= 1288.20) has the potential to provide us with a superb opportunity to get long with very little risk. Although the A-B rally leg is genuinely impulsive according to our rules, it is nicely ‘camouflaged’ because it has so far failed to surpass the 1289.00 ‘external’ peak from  11/8 ( 5:15 p.m.).  I’d suggest looking for the actual entry trigger, using the following coordinates from the 120-minute chart: A=1279.90 (10:00 p.m.); B=1288.20; C=?.  When a long entry (x) is triggered via that pattern, you should look, in camo fashion, for a corresponding entry point on the three-minute  chart or lower. For a look at a chart that shows the set-up, see my 2:09 (Thursday) post in the chat room. _______ UPDATE (November 14, 10:32 a.m.): Gold has been slow to get off the launching pad.  On the 60-minute chart, it tripped an entry at 1282.60 off the pattern A=1279.90 (9:00 p.m.); B= 1288.20 (1:00 a.m.); C=1280.80. The move did not make it to the 1289.10 target, but it did get to the 1284.80 midpoint, allowing traders to take a partial profit and lower their breakeven number to C=1280.80. The futures subsequently fell below C, stopping out the trade. However, a fresh rally from today’s 1277.30 low has generated a new, bullish impulse leg, although not yet a point C low. ________ UPDATE (10:45 a.m.):  The futures finally tripped a winning entry signal.  For details, in chronological sequence, see chat room discussion. Current target is 1298.90, based on (120-minute) A= 1267.40 on 11:13 at 2 p.m.