On the Wednesday update at the website, we discussed that gold was at the top of red channel and that short term cycles could be setting up for a pullback into the Thursday/Friday timeframe. Today's drop to the lower channel line and dotted trend line was a sharp pullback.
While there is some support at this area --and a bounce can develop, the potential for cycles to extend this pullback into next week should be a consideration. Support is the 1392-1402 area for gold if price takes out the dotted trend line on a Friday close. In summary -- a pullback in the metals is underway. Lets see what the bounce from this area looks like.