Gold is difficult to figure out at the moment. A number of factors contributed to its accelerated rise above $2000 where it reached overbought levels. Simple triggers, mainly a rise in interest rates, sparked a sharp selloff. Notwithstanding, there is the possibility of actors working to escalate downward price movements. The decline was sharp and deep, nearly reaching the 50 day EMA which has shown to be a typical test area for gold during bull markets. Caution should be used to not underestimate how hot the gold market can run when in bull mode. It may be that we do not retest price levels below the 50 day EMA until after new highs, this is very likely. But further consolidation should be expected, and would be healthy, to work off a little more RSI (which is in a much healthier position now) and especially the MACD which is still a little elevated. Ultimately, I see higher highs in gold as the year progresses. It's impossible to predict when, but I expect in September or sooner. As an investor, I would establish a minimum gold position immediately, if not already done so, and raise cash ready to buy at any significant dips from here. Buy targets are $1920, $1900, $1850, $1820.