As shown on the 5-Year Weekly chart of GOLD below, price has bounced this week [as of today (Thursday)] at a triple-bottom major support level of 1180, which began in June of 2013.
This critical support level converges with the bottom of the weekly Bollinger Band, along with the lower edge of a large declining channel (which began after the all-time high of 1923.70 was made during the week of September 5th, 2011).
Failure to hold above the critical 1180 support level could see a much larger decline ahead, possibly to the 1000 level, as shown on the next 20-Year Weekly chart. Bulls will need to re-take 1300 and hold that level before we likely see any further serious commitment to, ultimately, reverse this long-standing downtrend on the weekly timeframe.
Volumes are very thin between 1100 and 1000, as shown in the Volume Profile along the right-hand side of the chart, so we could very well see 1000 re-tested before we see any significant buying enter the Gold market.
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