Gold down to 1077$ !, Through 2007 into early 2008 there was solid resistance for gold at about $700. After the price hit $1,000 in 2008 it fell back to $681 which is consistent with resistance turning into support. So it's clear that before the big run up in price the support was around $700 - specifically $681. The blow-off top in 2011 was $1923. [(1923-681)/2]+681 = 1302. It would make sense if we saw solid support at the 50% retracement of the big rise, followed by a sideways channel of (say) $1300 to $1500 for a year or two. That would give an opportunity to recoup losses by trading the channel. Of course if $1302 breaks then we need to consider the 61.8% retracement, which is $1077 or just above the resistance we saw in 2008. I have been trying to find an interview I read a couple of years ago where the CEO of one of the most profitable middle-rank goldminers said that he thought he would be OK because his gold was costing him $800 but he thought that anyone who was mining gold at a cost much above $1,000 would be in trouble. I can't find that interview - I wish I could.