Allegedly ‘dovish’ emanations from the dissemblers at the Fed put wings on gold’s spirited recovery yesterday. Prior to this stale crumb of non-news, the downtrend looked hellbent on an 1187.60 Hidden Pivot target that I first identified last week. Instead, from an intraday low at 1197.20, the futures leaped to 1213.20 before pulling back. Then they resumed their rally Wednesday night, generating a price projection for the very short-term to the 1221.40 target shown. As of around 9:30 p.m., it looked very likely to be reached. As always, however, our optimism going forward will depend on whether, and how quickly, bulls can push this vehicle past the target. _______ UPDATE (8:52 p.m. EST): The 1187.60 target is still in play, even if getting there has been a very bumpy ride. The short term outlook would brighten, however, if the futures pop above 1225.20 Thursday night or Friday morning. This is where an external peak made Tuesday on the way down lies, and night owls can find it nicely expressed on the hourly chart. A bc-type pullback from just above could set up an enticing ‘camouflage’ entry opportunity for a bull trade.