There are no crystal-clear patterns that would yield a commensurately clear target, so the one shown at 1041.50 will have to do, at least for now. I’ve favored it because of the many bounces that occurred precisely from the 1080.25 midpoint pivot that is associated with the target. There are five possible ‘mechanical’ trades that could conceivably be derived from this picture over the next week or so: 1) a tightly-stopped long from p (although the many bounces from p that have already occurred will have diminished the usefulness of this pivot); 2) a short from p after it has been exceeded by a perhaps three or so points; 3) a tightly stopped long from p2; 4) a short from p2 after it has been decisively penetrated; and, 5) a long from D=1041.50.
More downside to these Hidden Pivot targets should NOT be regarded as a foregone conclusion. My gut feeling is that gold will rally very sharply if the stock market begins to fall dramatically. That would imply the futures are basing here rather than being under distribution. The first hint of this would come on a rally exceeding a visually distinctive external peak. At present that peaks lies at 1119.00 (July 20).