Sellers effortlessly demolished the sturdy-looking Hidden Pivot support at 1135.00 that we’d been using as a minimum downside target. This augurs more weakness over the near term, presumably to the 1125.20 target shown. (I moved ‘A’ up to the next peak to come up with this target.) A tradable bounce is very likely, since, as you may recall, it coincides with a very major Hidden Pivot support that comes from the monthly chart. I’ve drum-rolled that target before, since its decisive breach would portend more slippage to a least  971.30, and possibly to 817.50, the number I’ve used as a worst-case low for the bear market begun in the fall of 2011. ______ UPDATE (July 20, 12:10 a.m. EDT): It is late Sunday night, and gold futures are falling like a brick.  In the process, they have continued to trash significant Hidden Pivot supports with the greatest of ease, suggesting that sellers are not yet done. Among the supports demolished was a major one at 1125.20 that I’ve been drum-rolling for months. (Note: This is not the 1125.20 pivot identified above, which is a coincident target of a downtrend of much smaller degree.)   Because 1125.20 has been decisively exceeded, my minimum downside target is now the pivot mentioned above, 971.30.  If you’re looking for a glimmer of hope, it would lie in the fact that Sunday night’s crushing selloff has rebounded from a low that did not quite achieve the 1067.60 target shown. Although the target will remain theoretically viable unless 1232.80 is exceeded to the upside, it would take a print today at 1146.80 to even hint that anything so encouraging is likely.