If gold does break 574.50 on a closing basis the game is over for good in that market. Until that time the long term trend is still up. I do not see a short term buy spot at this point, it is basically in a range here. However, as per a blog post I submitted awhile back, this chart pattern is eerily reminscient of many great commodities tops if it breaks that low at 574.50. Huge parabolic run up, then a sharp drop, then a rally up that fails to make new highs. The key to that is that it has the break the low of the first sharp pullback to complete the top pattern.
Interesting times there right now. The bulls need to show up fairly soon. I have been recommending looking for short term buy patterns, but none have developed yet. That recommendation will be cancelled if that low goes.
