Going through the summer months in a sideways to lower trading range seems like the scenerio for 2011. Seasonals to control the precious metals markets............again.
Gold did drop below the 50 day moving average.
Next level of support is the 61.8 fibonacci level ($1475) that is based on the low in late January to the high produced in early May.
100 day moving average at $1465
50% fibonacci retracement at $1442
200 day moving average and the 38.2 fibonacci retracement at $1410
With Greece, Spain and the other euro countries with hugh debt problems, the only way out is to continue to debase their fiat currency. The commodity bull market is far from over, it's a waiting game... The Comex will attempt to raise margin requirements when the PM (and other commodities) go parabolic, but they will not be able to overcome worldwide demand of the phyical market.
Continue to dollar cost average into both Gold and Silver. Swing trade the miners from the August lows going into the seasonal bull run in Sept to November/December...