There are so many bearish patterns of different size acting on gold right now that perhaps we should look for a rally. If so, we can use 1135.00 to try bottom-fishing. That’s a Hidden Pivot target broached here earlier, and it still looks pretty attractive. You can bid 1135.30 for a single contract, stop 1134.90, but camouflage might work better if things don’t play out exactly as theory says they should. A secondary opportunity to get short could materialize if the futures rally back up to p2=1152.60 after trading a few points below it for at least a few bars on the hourly chart. _______ UPDATE (10:21 a.m.): The futures reversed moderately to a so-far high of 1163.70, negating both of the strategies outlined above. The rally is unimpressive and seems to be going nowhere in particular, since even p=1170.40 on the daily chart may be out of reach.
