On daily Gold chart, price action has been bear and stay that way until mid-next week. Purple trend line or support, gives you a reversal price zone of $1230 before going back up. Look left on this chart, this exact same thing happen for TWELVE days in area noted on chart.Do not fight chart, will loss every time. Fib ret. on chart has .786 area or $1230, as a great reversal/support area too. Price action is under both 50 ma (green) and 20 ma (red), tells you direction.