Bullwinkle, I agree with you that aj's rule is a good one to follow. Now I see you are anticipating an upward move to challenge that double top. I get it. That's not something I would initiate a position with. If anything I'd be looking for a dcb to retrace maybe 50 % of the down move up to say 412 or so, but then I'd short gold, if I was forced to take a position one way or another.
I really don't like the look of the XAU and HUI at all - those support levels really should have held. Don't the stocks lead the metal most of the time?
I suppose the dollar will need to show some strength for gold to go lower, too. I don't have an opinion on that, but recall several board participants here suggesting the dollar will weaken from here. That's a big plus in favor of your position. Perhaps the most important one <G>.
Well, again, I don't have the best predictive record. I appreciate your comments.
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