The Hidden Pivot support at 1279.20 shown in the chart is sufficiently clear and compelling that it should have induced at least a token bounce. The fact that it did not implies sellers are not yet through and that December Gold could test support at 1200.00 before this rather nasty correction has run its course. Could it get worse than that, with quotes heading eventually below $1000? I seriously doubt it, but we’ll be better able to assess the odds when we’ve seen a rally and a second leg down. If bulls are going to regain their footing, we should expect this to occur at or very near the midpoint Hidden Pivot of the follow-through leg.
