Gold turned last week from within an inch of a secondary pivot at 1782.10 that I’d drum-rolled in the chat room. It was an afterthought, although I sometimes like to half-joke that all vehicles in all time frames, whether trending up or down, tend to reverse at p2. The rebound picked up steam on Friday, but we should wait at least until it exceeds the green line (1846.60) before breaking out a bottle of Ripple to celebrate.  This would generate a moderately appealing ‘mechanical’ short, although I’ll suggest letting it pass, since gold is not actually weak, just rigged to appear that way. That implies the 1749.80 downside target (see inset) will not be reached, but we’ll let the chart speak for itself rather than guess about the future. ______ UPDATE (Feb 9, 7:50 p.m.): The asphyxiating southbound slog since August’s $2107 high will likely have been nearly as unsatisfying for bears as for bulls, since it has amounted to a mere 10% pullback, punctuated by feisty rallies to nowhere, over the six-month period. The futures tripped a mechanical short today with a rally to the green line (1846.60), but it doesn’t feel like a winner. I guess that makes me slightly bullish for the near term, since it implies a pop above C=1878.90. _______ UPDATE (Feb 11, 7:16 p.m.): The ‘mechanical’ short is up $1900 per contract at the moment, but 1814.40 is where it should be covered,for a gain of $3200. Use an 1840.00 stop-loss for now.