I agree! A major support was indeed broken as everyone is flocking to the safety of short term US Treasury bills...hence the dollar is rising. Also I was reading how a huge position in physical gold was sold as the party needed to raise cash as they were in a liquidity crunch. As I have long stated I dollar cost average USAGX as I do not know what in the heck will happen tomorrow or the next day. Gold investing is not for the faint of heart. Tomorrow is another day....so I don't really care about today's price....I invest based on what I see coming in another couple of years or so.
I remember reading years ago how the gold market goes through phases of acumulation and distribution. The accumulation phase is when gold is cheap and nobody wants to own it. That is when the smart money accumulates gold. The price goes up. That is when the distribution phase begins. Then the smart money sells it's gold at a big profit. Not long ago you never saw commercials for gold. Now they are all over TV and radio on political and financial shows. That tells me we are in the distribution phase and that gold is overpriced. How long that will last and when it will turn around is the question. Or is it different this time?