Yesterday’s downtrend held above the 1286.20 midpoint Hidden Pivot shown, but if it gives way look for the selling to persist at least until 1274.00 is reached. I’d recommended a tightly stopped long from 1286.30 in the chat room yesterday, and although the pivot on which the recommendation was based remains viable, bottom-fishing there will not be so attractive this morning. Any slippage below the pivot would favor a bearish bias, but you can also bid 1274.20, stop 1273.80, ahead of a possible bounce. Alternatively, it would take a push above 1295.70 to energize bulls. Thereupon, a 1304.40 short-term rally target would be in play. ______ UPDATE (10:20 a.m.): For once, it is bullion that leads the lunatic fringe, up $23.70 at the moment. The rally tripped the 1309.80 ‘buy’ signal, on the 60-minute chart, of A=1259.60 on 6/17. Will it get to p=1331.75, let alone to D=1375.70? Place your bets, folks!
