Gold bounced from a promising midpoint pivot in almost exactly the way I’d sketched. Unfortunately, its $16 leap was short-lived, ending as it so often does before the regular Comex session got rolling. Thereafter, the futures retraced to within an inch of the would-be launching pad, near where they continued to languish Sunday night. We therefore begin the new week defensively, albeit open to the possibility of a rally strong enough to turn the hourly chart as bullish as it was last Monday. (That would require a print at 1257.00.)  Keep in mind that buyers got sandbagged on last week’s opening bar, which proved to be the highest price of the week.