A spectacular two-day sell-off has negated the 1731 rally target we were using. Although this has not significantly altered the still-bullish look of the long-term charts, it has put gold in a deep hole that could be difficult to climb out of.  There is a 40% chance nevertheless that the futures have seen their lows for the time being, since Friday’s bottom occurred at a ‘double’ Hidden Pivot support. The chart shows one of them, a secondary pivot at 1508.40; but another, unseen, is the D target of a slightly different pattern with a higher ‘B-C’ segment. If the so-far timid bounce continues and turns into a bona fide rally, it would need to surpass the 1610.00 peak recorded Thursday on the way down to become significant. ______ UPDATE (Mar 16, 8:45 a.m. EDT): Gold is getting whacked under heavy liquidation by investors whose idea of a safe haven, evidently, is any asset that can be hocked up the wazoo. This chart says the April contract, currently at 1461, will fall to at least 1407 groping for traction. _______ UPDATE (Mar 16, 8:32 p.m.): Bullion and mining shares have been so perverse lately that we should allow for the possibility of a powerful rally for no good reason. If it can surpass an ‘external’ peak at 1574.8 made Sunday on the way down, I’d infer that bulls are back in charge and capable of challenging last week’s 1700.70 high. _______ UPDATE (Mar 17. 8:41 p.m.): I’m raising the bar to 1598.0 before I believe this rally might go somewhere. That’s a tick above an ‘external’ peak recorded March 13 on the hourly chart, one peak above the one noted earlier at 1574.80. Failing that, the 1407 target given above will be back in play.