Gold is close enough to the depths of despair that we might hope for a rally. However, since hoping is for losers, we’ll just watch and learn to like it as the futures swirl down the crapper. Ordinarily, Friday’s slight overshoot of D=1865.20 would be no cause for alarm, but in this case we’ll infer the worst — i.e., that the support should have held if gold were ready to turn. If you want a slim reed to grasp, use the 1855.40 target of this gnarly pattern. It’s okay to back up the truck there, but only if you use a very tight stop-loss. (Note: I have not boldfaced and colorized the target because I don’t want to draw attention to it.) _______ UPDATE (Oct 2, 9:19 a.m.): The $7 rally from within less than a dollar of the number given above would barely have paid for a Soho lunch, although the very tight trigger interval (TI) I’d advised would have prevented a loss. The subsequent relapse means gold is still in gold-is-garbage mode. A little overdone, don’t ya think?  _______ UPDATE (Oct 2, 11:07 p.m.): The futures look bound for the 1777.10 target of the reverse pattern shown here.  I am awed by the viciousness with which the bullion bankers and their scummy friends in high places have defenestrated, drawn-and-quartered, impaled and flayed those who might have intended to take delivery on September COMEX contracts. When there’s no ‘physical’ available to supply, Their solution is to crush demand.