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Where is Gold Going from Here???

Gold just finished a 50% retracement of it's first move down from it's May 12th high to it's June 13th low. RSI is rolling over. It is now beginning it's C wave of an ABC correction that should take it to major support in the high 400's (The bottom of the long term uptrend seen from the weekly chart)or the low 500 area. This should complete by August 7. From there gold will base along the bottom of the long term up trendline for a couple of months before it's next move up to 1000. It should reach that lofty goal within a year. So if you are long, you might want to lighten up here till this next move down is over.

 

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