The price of gold is currently $2015. I don't think it's going to go down much. I just lost $200 in half an hour when it dropped yesterday. I knew it would drop but I was trapped out of hours in an ETF. I need to learn to trade futures.
Probable options are.:
1. The retracement is done. It got to a trend line and the .7 fib level.
2. It could retrace back to the 20 day ma as a retest about 2000.
3. It could retrace back to the 50 day moving average about 1985.
4. It could retest the bottom of a major channel and the 200 day ms around 1950. From this candlestick rejection of the top of the trend channel, it took 24 days to reach the bottom so it could intersect at around that level. This time however there is a wicked evening star at the top of the channel. I suspect there may be some more impulsive selling from that.
I'm currently out of the market waiting as I only want to buy long on an ETF for gold at present. The big movements have been out of hours lately so I've missed some opportunities but I do think the buy cheap and hold moment is coming soon, if it hasn't already. I believe that it'll be difficult to sustain moves below $2,000 for long. We'll see.