Gold’s delicate little rally couldn’t stand a little competition from a rising stock market on Wednesday, and so Comex futures edged lower as shares wafted higher. From a technical standpoint, this turned an incipient consolidation just above a midpoint Hidden Pivot at 1220.00 into a potential distribution. The 1264.00 rally target associated with that number remains valid nonetheless, but we’ll make bulls affirm its viability by checking their vital signs regularly on the hourly chart. They would regain some credibility with a thrust today exceeding the 1223.90 peak recorded December 16 on the way down. _______ UPDATE (January 8, 9:20 p.m.): Zzzzzzzzzzzzzzzzzzzzzzz.
