Our downside target for the near-term is 1156.60, a ‘midpoint’ Hidden Pivot that comes from the weekly chart. April Gold had a chance to rally out of the hole this week from a bouncy-looking pivot at 1195.40. Instead, the futures popped for a few measly points before falling back to the support. This is pretty feeble price action, especially considering the rally had round-number support at 1200.00 going for it as well. Under the circumstances, we should expect the futures to continue lower, eventually turning 1200.00 into resistance. I’d return reluctantly to the bullish case, at least for the near term, if this vehicle were to leap above 1214.50 in the next day or two. That would generate a bullish impulse leg on the hourly chart — one that presumably would be tradable. _______ UPDATE (March 15, 7:47 m. EDT): Gold’s loco leap on Fed news is bound for at least 1236.00, the midpoint Hidden Pivot of a rally pattern projecting to as high as 1277.10 over the near term (click here for chart). But count me  skeptical and unenthusiastic for the time being, since the clear-as-day 1156.60 downside target identified above has placed the burden of proof squarely on bulls’ slippery shoulders. For starters, they’ll need to turn the 1236.00 midpoint resistance into suet to persuade me that this rally is for real.