Don’t get your hopes up that gold is going to make an important bottom any time soon. It had a chance to do so with the robust leap it took on September 28 from within a millimeter of the 1619 Hidden Pivot target shown in the chart. But the subsequent rally, which took a week to play out, fell just shy of a 1646 peak recorded three weeks earlier, narrowly failing to create an impulse leg of daily-chart degree. It would have been the first such occurrence in eight months and a welcome sign for beleaguered bulls. Alas, more disappointment seems likely if the December contract drops below 1619. That would turn the would-be impulse leg into a merely corrective one, sending gold groping for a bottom at, best case, 1600.