Looks here as it could be forming major macro flag/pennant pattern and if it breaks 121-122 zone w/ then it could test 95-98 zone for the extension of the move & this could happen in the next few months.....it looks like the major line or zone of support is around the 90 level which would be around 900 or so actual Gold price.....this area is actually around the from the long-term rally that ended in 2011.....looks like the downtrend or trend could still be going w/ gold or GLD until it reaches this 90-98 zone which could be around the late 14' until it reaches this zone.....so gold may not break out to a new trend until the 1st part of 15'.....as always watch for confirmation
If it goes lower it will look very ugly, I agree. If it turns up from here it will look like a massive base. It's last downtrend failed and could be poised to rebound. I think people have been selling their gold to buy real estate... So, oddly enough, I am watching housing to alert me to coming shifts in gold.
Real estate was yielding 40% or more, cash on cash, when real estate bottomed a couple of years ago. So, it was easy to see that it made sense to liquidate ZERO yielding gold and buy REAL real estate. That trend has gone to a logical end here, but yields on rental properties are still quite decent, but nowhere near the amazing yields from before. A market is never in a vacuum. It must be analyzed relative to other markets.