Not only could gold fall further to the 75% level,
but it 'could' fall to the blue uptrend line.
This sell off is becoming very familiar to me as
it has occurred every year now for the last five
years and hurt me badly as I hung on in my long
positions thinking I was big enough to weather
'normal' pull back. Instead gold dropped far more
than I could withstand and had to get out with a
massive loss of the 'easy' money I had just made.
So, be very careful here and don't over-margin
too heavily, or hang on in a losing position more
than you can afford to lose. Just take the loss
and re-evaluate the market before moving back in
on the long side.
This is definitely NOT a market to risk shorting,
for when it turns around, it might be like a rocket
to the moon.
