The strength of the reaction from the top of Gold's downtrend channel indicates that another leg down remains in Gold's consolidation. Note the rapidity of the decline, and the fact that Gold closed below the previous up-leg's final segment. For those who missed this year's rally, Gold should be available for purchase at significantly better prices. It remains an excellent hedge against poor stewardship of the economy by governments and central bank eggheads. A move to the $1625 area is very likely in the short term. If my tentative wave count is correct, the target for wave C is in the 1400-1500 range.
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