Since the Gold obviously started a corrective move down it makes sense to load up with ETF which has also started its corrective move. A lot of supports on the way down present a buying oportunities. My bet would be bellow the red line, which is somewhere between 50% and 61 % fibo lines.
How to trade
1. Wait for a bounce first and then load up 2. If it closes lower than 61 % fibo for 2 consecutive times, negate the trade. 3. Use weekly ATR reading for stops
My orders were misse although I think we have a good entry chance right now. Significant pullback on friday has reversed. If reversal continues above 8 EMA it is time to load.