Fundamentally, gold should be well supported here as the Fed has essentially telegraphed that they are not afraid to let rise. Their fear jour is simply that any action they take in terms of hiking rates will be met with sharp declines in the stock market. Essentially, their hands are tied and will likely creep higher before they bother to do anything about it.
Technically, gold has collapsed through its relevant daily moving averages and we are in 'catch a falling knife' mode. However, frequently past stay relevant and, as illustrated in the chart above, I believe the that was once resistance will now be support.
It's as good a place as any to buy gold .
Buy GC or GLD here @ 1288 (in the )
Target 1: 1301
Target 2: 1311
Stop: Below the (currently around 1281).
We are in minor wave E which will go down in the form of a-b-c decline from the high of $1341.
My targets are $1275 to $1241.