• Recent decline in the Gold seen as corrective rather than trend reversal • Major trend still up, reinforced by the ascending trend line since Nov 22 • Also we have an ascending parallel channel, also intact • Bulls will try to defend the channel support line, today at 1977 (very close to today's low) • Gold moves according to overall sentiment and is negatively correlated to the US Dollar • As the USD has been rallying for the last 2 sessions, this resulted in the Gold trading back below but close to 2000 • Till now, declines are seen as buying opportunities in my opinion and chances are we are going to see the previous high at 2070 re-tested before seeing any major trend reversal