Gold has heavy resistance in the $895-916/oz range, and I like the idea of buying it back lower, closer to $828. I have been long gold since 2005.
In our process' language, gold remains positive from an intermediate "Trend" perspective, but negative from a "Trade" perspective.
Funny story for you anecdotally: a major hedge fund PM based in CT sat across the table from me in 2005 telling me he didn't think I knew what I was doing being bullish of gold and metals. In this past week's Barron's roundtable, I see that a handful of his "best ideas" are now metal stocks!
Funny guy. Funny business!
I have attached the 3 year chart of gold as an accountability check.
(chart courtesy of stockcharts.com)