As I said yesterday, Gold is in a very good buy position at this point, and my opinion remains the same. From a long-term perspective, the trend is clearly up, and this 7 months drop is just a flag-type correction. At this point, Gold is trading in extremely strong confluence support and I expect the long term trend to remain unchanged.
From a short term perspective, the drop from 1760 is a falling wedge and I expect a turn sooner rather than later. A bottom can be in place at this point and a rise and close back above 1700 would confirm that.
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Gold above 1700 and above wedge resistance Yesterday's low should be the low