Requiring buyers to hit 1293.20 before we give gold the time of day has paid off once more by keeping us from getting sucked in by this morning’s ill-fated rally. The futures hit 1292.80 before doing what they always do — i.e., turning tail with a vengeance. The selloff so far has amounted to $11, but because of our 1293.20 stipulation, we were not among the bulls who got trapped by unwarranted enthusiasm. The chart (inset) shows new downside levels and targets. The lowest of them lies at 1245.40, and it closely corresponds to a bigger-picture target at 1244 that aired here earlier. This Hidden Pivot support will become my minimum downside projection once gold has bounced from yet another Hidden Pivot support at 1262.70 that has kept us properly cautious for nearly a month.