Friday’s nasty reversal broke a three-week winning streak. Don’t look for the futures to snap back right away, since the hourly chart went bearishly impulsive after buyers failed to achieve a clear target at 1302.50. The shortfall was just $2.10, but that’s sufficient to imply that Feb Gold needs a rest. The foregoing is not chiseled in stone, of course, and we could be pleasantly surprised if gold comes roaring back Sunday night. If so, use 1309.40 as a target, subject to key resistance at p=1293.80. These Hidden Pivot levels are shown in the inset chart._______ UPDATE (Jan 16, 8:37 p.m.): When the tedium finally ends — and it will, let me assure you — expect the February contract to head for the 1311.1 target shown in this chart. That is my minimum rally objective at the moment, the clearest target from among numerous bullish possibilities on the lesser charts.
