Gold obliterated a clear and compelling Hidden Pivot support at 1240.00 on Friday, telegraphing further weakness to the 1229.80 target shown.  That pivot appears to have contained sellers, at least for the moment, but it will take a rebound to at least 1274.70 over the very near-term to demonstrate that bulls are capable of reversing the slide begun on January 22 from a recovery high of 1308.80.  In the meantime, all the selling so far should be regarded as merely corrective, since it hasn’t gotten remotely close to the 1168.30 low on January 2 that kicked off the new year with such promise.  Night owls please note: The 3-minute chart has generated a fragile-looking but nonetheless bullish impulse leg with the following coordinates: a=1236.00 at 8:03 p.m. EST;  b=1239.50 at 8:57; and c= 1236.20 at 10:21. If the rally fails, however, look to bottom-fish p=1231.50 on the way down, or 1223.50 if it gives way.  _______ UPDATE (Feb 10, 12:08 a.m.): Monday’s timid rally has increased the likelihood of lower prices ahead. A pop above 1274.7o is looking increasingly unlikely, but that’s still what it would take to turn the futures around.