It will take a lot to break gold’s downtrend, charts show
Just a thot: " A break below $1260 has a downside target near $1000."

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Source: http://www.cnbc.com/id/100888334

Tom Kendall, the head of precious metals research at Credit Suisse, says he won't get into gold yet. Actually, he'd advise selling, with CNBC's Josh Lipton and the Futures Now Traders.

A trend change is signaled when short term group of averages compress and begin to turn upwards, with the trend change confirmed when the long term group of averages also compress. At this point, there is no sign of this behavior on the gold chart. Traders will watch for consolidation around the $1260 level prior to a trend continuation.

A break below $1260 has a downside target near $1000. This is calculated using the same methods that gave us the downside target near $1260 after the fall below $1540. The reality is that gold has been trapped in the sideways trading band since November 2011. The trading band includes strong rallies and strong retreats.

The break below $1540 was a critical change in the trend. The width of the trading band is $260. This value is used to calculate the potential downside at $1540. The same value is used again to set the new downside target near $1000. The $1000 level has acted as a support and resistance level between Feb, 2009  and Oct, 2009.

There is a high probability it will act as a support level again.

The fall below $1540 and below $1260 signals the resumption of strong trending behavior. Traders will short on the rallies.

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