C ... I gotta tell-ya, that chart looks like a giant piece of crapola-- based on what I'm looking at you'd need sand for brains to want to be long on gold and you'd need something even worse, if you solely made your decision from the weekly COT report.
Where I'm shy on your chart, is the apparent topping action, modified H&S pattern with a series of lower highs and lower lows ... I'd be much more comfortable with a series of higher highs and higher lows from a reverse H&S base pattern. Obviously not the case. I'm also not a user of fibs and resistance lines so I really have no comment on that approach.
The only bullish thing about your chart is the OI, note the volume purge at the beginning of November, note the next big drop on lighter volume-- I think your resistance level (if you insist on using that sort of thing) will hold, I'll even bet it's our next pivot point.
That said, since I'm playing in the equities market I don't normally base any of my trades on the above data. I'm more interested in the buying and selling action via the OBV indicator on the indices.
Fwiw, as long as the stocks continue to base, and continue to be accumulated, I'll be in there too.
My advice, play one market at a time-- don't stress too much on the futs, its different market played by a whole different animal.
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