Gold is well on its way down to an important area of potential support around $1,000/oz; there is a great deal of confluence and price memory in the upper $900s/lower $1000s:
Gold (Monthly)
Throw in potentially extreme CoT positioning (the next CoT report from the CFTC will be released Monday afternoon) and favorable seasonality from mid-December through late-January and the ingredients exist for a tremendous buying opportunity in gold arising during the next couple of weeks.
Gold (Commitments of Futures Traders)
