A short-lived rally from a midpoint support at 1281.30 (click on inset) came crashing back to down to the pivot on Friday. Although this Hidden Pivot has yet to be breached decisively, the burden of proof will be on bulls as the new week begins. Specifically, they will to push this brick above 1317.10 in the days ahead to show that they are serious. Failing that, we should expect the decline to continue down to 1254.10, a target broached here earlier. This is frustrating price action, to be sure, but it’s encouraging that bullion hasn’t completely broken down at a time when institutional firepower has been trained almost entirely on the stock market.
