Gold is testing a key as it's remained in 'neutral' territory for its longest stretch since 2010. A breakdown targets a much larger decline and a resumption in the multi-year downtrend.
I see sub $1000 as a higher probability than most realize as well. The coiling call makes sense technically, but Gold is such a manipulated market nothing acts as it should. Also, markets like this move where it hurts the most and we are so close to $1000 now not to test. At $1000 everyone and their brother will load up and thats the spot manipulators will take advantage and kill ya. (maybe after a bounce). Bottom line.. pain needs to be felt before big run up.
I agree with a longer term breakdown but patience has been required - I have been selling rallies for the last 2 months, average short around 1200. Price and signal below Ichimoku cloud. Elliot Wave count suggests we could be entering iii of 3 of 5) lower, so it could be a very dynamic and persistent sell off if this is correct