A 1247.20 rally target beckons (240-minute, A=1145/70 on 3/18), but don’t expect to see significant progress toward it today. The futures held their own yesterday after a two-day, $30 slide, but it would have been more encouraging if they’d shown a little pluck rather mere buoyancy. Under the circumstances, I’ll be looking for a resumption of the downtrend today based on the pattern shown. It projects to as low as 1191.90, a Hidden Pivot support that should be regarded as a worst-case low for the very near term. It looks like a promising spot to try bottom-fishing with a stop-loss as tight s four ticks, but so do p=1202.50 and p2=1197.20. In order of diminishing attractiveness, I would rank them D, p2, p. _______ UPDATE (6:53 p.m. EDT): The breach of ‘hidden’ support at 1202.50 has put the next such support in play: 1197.50. Surely there are easier ways to make money than trading this minor, annoying downtrend? ________ UPDATE (May 26, 10:54 a.m. EDT): Gold is getting pasted this morning — and who knows why? Support (and a logical minimum downside target) lies at 1183.40 off this pattern on the 60-minute chart: A=1232.00 (5/18)’ B= 1200.80 (5/21)
