Gold may seek simple symmetry pullback; but watch in case it's worse

Gold dropped - interestingly, to $1044 as the SPX was testing that price level - so gold may be working on the C of an ABC zigzag. The C=A level would be about $1011. You can see on my daily chart below, that's close to the 200-day moving average. On my weekly chart, you can see there's lots of support just over $1000. And there's the $950 level that can provide support if needed. Under $950 and gold would become more concerning.

We want to buy a low sometime over the next month or so. So we should be able to give it some time to work out where and when gold wants to make that low. If under $950, we'll have to consider a retest of the $681 low - but first let's see if it's going to get support at, or lose, the $1011/1000/950 levels.

ChartsEdge issued a revision of their week-ahead cycle chart for gold, which I inserted into that post (posted here yesterday). Seeing that change was part of my reason for putting up these charts with these comments.