In a weekly chart of closes, gold is down $100 an ounce in very fast order. Very important though, is when a market is under this 18-week moving average of closes, you should have a downside bias. Think of it as a line in the sand. When you're above it, you want to be friendly. When you're bearish, you want the market under it. And that's what you've got.
We have a classis bearish set up. So where might the market go? The Bollinger band is the most logical. There are signs of continued weakness ahead. People are bailing bit time. Bears come in later on the rallies.