Gold will need a couple more days like Friday, went it shot up $41, to signal the likely end to the consolidation begun in early August from a record 2089.20. Specifically, an ‘external’ peak at 1983.80 recorded in mid-September must be exceeded to generate the first bullish impulse leg on the daily chart since July. The immediate potential thereafter would be to 2050.60, the midpoint Hidden Pivot resistance of this pattern; and eventually to D=2250.10. All of this will of course depend on the dollar, whose weakness would turn ugly, if not to say impulsive, if it starts the new week as badly as it ended the last. _______ UPDATE (Oct 14, 7:35 p.m. ET): Bulls are working MUCH harder than bears to push this vehicle around. Even after struggling for altitude over the last 30 hours, they have yet to recoup losses that the bad guys inflicted on gold in a mere 90 minutes the day before. Price action has been too tedious to monitor closely, but I will recommend nonetheless that you bottom-fish at p=1895.20 (click here for chart) with as tight a stop-loss as you can abide. An rABC set-up with a very short A-B leg  (i.e., 8 points or less) should be suitable for this purpose. If the trade gets stopped out, it would shorten the odds of a further fall to D=1872.90. _______ UPDATE (Oct 14, 10.09 p.m.): The 1895.20 pivot worked out exactly, to the tick.  Here’s the chart.  If you bottom-fished there, even a one-tick stop-loss would have worked. Your profit at the moment would be about $2600 on four contracts. Exit half and manage the rest at your discretion. _______ UPDATE (Oct 15, 8:09 a.m.): A few subscribers reported jumping on the trade in the chat room and making substantial gains. I’m thrilled you were able to get aboard — and thanks for your reports. For what it’s worth, gold’s overnight rally to the green line (where the position would have shown a gain of $4,4000) tripped a ‘mechanical’ short with an 1884.10 target (p2), or 1872.90 (D, as noted above) if any lower. A busy night, for sure. _______ UPDATE (Oct 15, 5:50 p.m.): Bulls put up such a nasty fight today that I’ve shifted my focus to the bullish target at 1953.00 shown in this chart.