The futures look to be tortuously on their way down to at least 1264.00, although bulls could take encouragement from any impulsive rally that begins from somewhere above that price. The most logical place for a ‘premature’ rally to commence would be at either 1274.60 or 1269.50, respectively the midpoint Hidden Pivot and the D target of the small downtrending pattern displayed at the rightmost edge of the chart. Stops as tight as three ticks could be used to bottom-fish at either number. _______ UPDATE (11:08 a.m.): Posted in chat room 80 minutes ago: “The good news is that Feb Gold has gone bullishly impulsive on the hourly chart without having reached a correction target. What troubles me is that the rally is so feeble on a day where it stood to pick up power from the collapse of the broad averages. On balance, bulls get the benefit of the doubt, simply because of that nice impulsive leg (which is still developing).
