Welcome back old friend! Hope to see more of your market wisdoms on this forum in the cold months ahead. At any rate back to the topic at hand.

As Sinclair has pointed out many times, the Cartel has an arsenal of tools at it's disposal to wage war against the ultimate currency, and this includes TA. Trust me when I say they make good use of a team of highly qualified technical analysis experts to identify key price points where intervention is likely to be most effective requiring the least amount of ammo to move the markets in the desired direction.

As an example of their handywork, the attached chart clearly points to $830 as the most recent prime target of the Cartels swat team. Traders had been taking profits through last week after Gold had reached short term price objectives, so the latest thrashing comes as no great surprise. They had to hit Gold hard now, piling onto the traders' sales - preferably in the thinner traded markets - or risk a breakout to much higher levels.

It was interesting to note that despite traders selling Gold, support was also building at $810, threatening to take out the prevailing down trendline in the process as early as today. Unfortunately those guys who were betting on Gold moving higher this week got stop lossed out today when $800 was breached, further adding to downside momentum. On a more short-term bullish note $750-760 is the next level of support where longs should place their chips on the table as they look for a bullish confirmational bounce off the Oct 27 - Nov 24 triangle.

Looking forward to the next 5 weeks, I expect Gold will likely trade within the confines of the large contracting triangle drawn on the attached chart - ie. between $710 & $800. In terms of my proprietary cycles studies the next opportunity for a major rally in Precious Metals begins the second week in January. Until then we doddle along, all things being equal.