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With $gold breaking below the November low,  you have cyclists like Gary Savage saying that we are now in the midst of a “left translated” intermediate cycle, with potentially 10-20 more weeks before a bottom is reached.  Admittedly, he thinks a large portion of that time could be chewed up going sideways and he personally isn’t expecting a drop below $1700.

Given this week’s events, my sideways consolidation/grind call of a few months ago looks much more realistic than a blast to new all time highs any time soon.  Heck, even a sideways grind might be too optimistic.  At this point I am expecting gold and gold miners to at least tag the 100 WMA as a low during this consolidation.  hopefully, we can chew up a few more weeks going sideways to allow that MA to continue to catch up to current price.  And of course you can expect silver to get pummeled between now and the summer.

All that being said, I would be pretty surprised if gold doesn’t get some sort of bounce soon.