Gold, measured in Australian Dollars, is in a bearish descending triangle, testing support at $2150/ounce. A sharp fall on the Trend Index, with a peak below zero, warns of strong selling pressure.
The All Ordinaries Gold Index recently broke support at 7200, warning of a decline to 6000. Again, a declining Trend Index warns of selling pressure.
Patience is required. Gold is in a long-term up-trend, with a target of the 2012 high at $1800/ounce. A correction may offer an attractive entry point but further falls are expected before the advance resumes.