Well the breakdown of the most recent low along with breaking major support of $1577 is very bearish despite the postive divergence on some oscillators and being a little oversold. This breakdown suggests a drop to the $1470 area which was the bottom of the May into July channel bottom and should serve as support again. Only thing that could turn price around early here is a strong close today which would suggest a sharp rally back to the breakdown points. Apparently there was huge liquidation of GOLD positions early this morning especially on the Gold ETF:GLD. Apparently there was 6 times the volume on the selling with traders throwing in the towel on Gold related trades. That is typically seen at price lows,even if only short term. And presently the Gold stock ETF:GDX is actually up on the day. So obviously today is a significant day. The trouble is if you are early you may be only a day or so away from a significant price low in time but be miles away from a plunging low of price. So far today price is not anywhere near the high of the price bar which suggests there could be more downside or lack of any upside price action to exit on a profitable buy in here. I don't like to guess so I'd need to see price prove itself and show some strength. I'd also like to see the CCI 20 cross back over the -100 line AND cross back over the 0 line. The CCI 20 has been below the 0 line for the last $200 down and remains there. And even with the Gold stock ETF:GDX price is postive with a high price bar but has only come back to the breakdown point. While it is a postive divergence compared to the Gold price and the bar looks strong bouncing back to a breakdown point is not ever bullish as "Resistance is Resistance." And all the b.s. in the world can't change that. That's all these beady little eyes see here fwiw..................