3 Year Chart:
What we know is that the Gold & Silver Index is still above its major support level despite the recent HEAVY SELL-OFF; It still has room to go as low as 120 and 110. If it does so then we should accumulate Gold & Silver shares more aggressively then we could do NOW...

2 Year Chart:
Closer look at $XAU helps to spot the NON-CONFIRMATION between two technical indicators and the Index: The Positive Divergence of RSI conflicts with the "Dead Cross" of 200/50 Moving Averages which is probably more bearish rather then bullish for $XAU; But more discounts in Gold & Silver Sector is a GOOD NEWS!