GOLD Resistance: $1200 Support:$1117 The drop is supporting near 0.618 retrace level where it can make small pull back, but it has to come down further for a console.
My best prediction on gold was in late 2006, when gold corrected to 542, Adrop of nearly 194 points in june that year.so I could calculate a 2.618 Retrace,and the top was 1032 in march 2008. Those days I was very active in many fanatical forums like yahoo Google groups,posted my views there.
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Reached to first support levels
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$1117 is 0.786 % retracement acting as a support.
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The pull back from the support level as expected coming to an end.