1st of all, a line drawn across the top of the ADX from Sept 9th to Oct 10th shows a negative divergence. Also the trend line is currently down. Add to that the obvious fact that sellers outnumber buyers. One more point, although volume data is not available, the ADX also shows us that volume is falling off, especially over the last few days. Not sure what to make of that, other than more and more indecision by traders. Charts of the major indices lately would tend to support that view, as there have been a significant number of doji's and other candles showing indecision.
2nd, the CCI is below -100 which is certainly bearish.
3rd we've broken the 50dma 3x in the last 6 days.
4th and MACD trending down. Bearish!
On the bullish side the CCI looks like it might turn up, and bouncing off the 50day and the lower BB is certainly a typical expectation.
Same chart with RSI
RSI @ 47.3 (could turn up, who knows)
After all that... I still wonder if owning gold here is any worse than owning any other stock. With the FED pumping billions of dollars into the economy daily, and the fact that a growing world market must eventually level the playing field, I don't see any other outcome but a falling dollar and rising PM markets. Recently read an article mentioning the fact that you can get an IT technician for 150k in the US or 35k in India...something is gonna change!
Gotta mention here that any decision we make concerning gold must be buffered by the amount of snake-bite medicine we have on hand. :^)
For now, I'm in agreement with you, we see a convincing correction in spot gold, maybe in the neighborhood of 350-360. Nevertheless I'd keep a little cash ready to jump in, as I doubt we get much warning.
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