Gold continued its funereal behavior Wednesday, apparently in preparation for a drop to 1225.60, or to 1206.10 if any lower. These are Hidden Pivot supports that can be bottom-fished with, respectively, a stop-loss at 1225.10, or at 1205.60. The targets would lend themselves to camouflageurs, since neither pivot coincides with anything structurally significant to the left of it. Alternatively, and as noted here yesterday, it would take an upthrust exceeding 1274.70 to brighten the outlook for the near term. For good measure, I’ll stipulate that the futures must close above that number for two consecutive days before we break out a cheap bottle of sparkling wine. _______ UPDATE (Feb 11, 10:45 p.m.): No change, although a thrust Wednesday night exceeding 1225.20 could offer a reprieve as well as a possible opportunity for night owls to get long using the ‘camouflage’ technique. A bc-type pullback from 2-4 ticks above that price would be just the ticket. For actionable ideas, check out the right-hand edge of the 15-minute chart. _______ UPDATE (Feb 12, 10:50 a.m.): Oh look! Another Whoopee Cushion price spike, induced for the exclusive benefit of the trading world’s privileged class. Besides helping them steal from widows and pensioners, all the overnight move accomplished was to relocate my immediate downside target to 1211.20.
