Gold looks ready to resume dropping, so I bought some DZZ (2x Gold inverse ETF) around $20.20 with a stop @ $18.00. I think gold could test 800.
The daily chart above shows my interpretation of price action over the past year. I think we have completed WaveA and WaveB of a flat correction from $1028 in March 2008. It appears that Wave-c of WaveB was truncated (meaning it did not make a new high), and now gold has started to downtrend once again. I'm shorting the Wave-ii of WaveC correction in hopes of further drops in price.