Gold fell rapidly on Friday, breaking below support at $1550 and closing below $1500 to signal a primary down-trend. I have revised the target for the down-swing to $1300*, which is roughly a 30% pull-back from its 2011 peak at $1900. The strong warning from 13-week Twiggs Momentum has been confirmed. Recovery above $1550 is most unlikely, but would warn of a bear trap.
* Target calculation: 1550 – ( 1800 – 1550 ) = 1300