The April Gold high was a significant one. It was also the Silver high around $50 and the Silver/Gold Ratio chart extreme in the RSI 21 as well. This is where price has pulled back to now at the $1580 price point. That is also just above the 200ema that has historically seen Gold hold as support just above that important moving average going back many, many years. And it is also the uptrendline from January as well. That is one hell of a lot of support all in one close price area. And it is also the seasonal time period for a significant low in the fall just like the summer low that was seen in June. One calls that a "confluence" of indicators all at one price area which tends to be strong support. BUTTTTTTTTTTTTTTTTTT "IF" price breaks below $1580 the next significant support level is the $1424 area which was the Nov and Dec highs and March/11 as well price area and should serve as support on a further pullback. Those highs at this price point then was also the Gold stock highs and many Silver stock highs in Nov/Dec and saw extreme speculation and major tops in this time frame. As far as resistance goes the 1st breakdown was $1723 which is also the downtrendline as marked and the major resistance is the double top at the $1917 highs. Price right now in Gold is consolidating in a very tight pattern at this support 'area' and what comes after small bars is big bars. So a big move out of this pattern is close at hand. Technically it could go either way as one might define this recent price pattern as a bearish Flag. With so much support in the $1580 area I don't believe it is a bear Flag and this price pt should hold from what I see. But if it doesn't and one is long that's what stops are for. No guarantees in the trading world.