I’d suggested buying on any weakness, but don’t rush to load up on calls quite yet. We should be cautious because bulls failed at the top of this week’s arc to surpass the 29.76 ‘external’ peak shown in the chart. Using it as the point ‘A’ high on the hourly chart yields a downtrending ABC pattern with a midpoint Hidden Pivot support at 28.00. That can serve as our minimum downside objective for the moment, but any lower would portend more slippage to p2=27.21. _______ UPDATE (Sep 29, 1:15 p.m.): Friday’s low came within a dime of the 27.21 pivot mentioned above, but I wouldn’t count too heavily on it for support. If gold’s weakness continues into Monday, here’s another view that should be taken seriously. The secondary pivot at 26.31 would warrant more-aggressive bottom-fishing than we might have attempted last week, but it is only near d=25.22 that you should consider backing up the truck.
