I have lower targets outstanding, including a big-picture support at 1125.00, but the one shown at 1141.30 should be used as a minimum downside objective over the very near-term.  Traders should position from the short side until it is reached, but be aware that a rally back up to the midpoint pivot (i.e., the red line at 1198.45) would be neither unusual nor especially bullish. More likely is that it would be a bull trap — one making gold an even more enticing short than it is from these levels. Most immediately, if you’re successful catching a profitable ride south, I’d suggest using some of your gains to create a generous stop-loss for a long initiated at 1141.30, a Hidden Pivot that looks like to engender a bounced that is both precise and tradable.  What would it take to turn the short-term picture quite bullish? Answer: a print today at 1177.30. Take a free trial subscription that will allow you to access not only the touts, bulletins, updates and impromptu trading webinars during market hours, but a 24/7 chat room that draws veteran traders from around the world.

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 -- Published: Tuesday, 4 November 2014 | E-Mail  | Print  | Source: GoldSeek.com

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