Notice the gold market reached the generalized price in a similar, impulsive decline after another set-up where it was failing to rally despite a preponderance of news. Recall back in September when QE3 out of the US and Europe failed to ignite a rally and led to a sharp selloff back then too.
I view this chart as a sign of a bottom to form, but I will wait for a pattern to set-up first. Keep a close eye.
Tim 2:01PM EST May 16, 2012