The symmetry between gold's movements today and from the mid-1970's through the mid-1980's can't be ignored. At the current juncture, with gold heading down from its early-July highs, we could very well see gold embarking on its Point 6 terminal down to $1000. Thereafter, gold could meander and consolidate between $1000 and $1350 for another 10 years.
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The breakdown through $1200 is quite a bearish development as that was the early-June swing low. With the USDX breaking out to new cyclical highs, it is safe to say that the US Dollar has much further to run and gold much further to fall.
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Could gold have topped out at $1220 here? Seems like some very stiff selling coming in at that level so far. Should gold break back under $1195 then the opportunity to setup longer term short positions could arise.