Gold fell out of bed the other day and much was made of it. I hold some physical gold, though not enough to consider myself a "gold bug" by any stretch of the imagination. I have always viewed gold as a hedge, not an investment. I still do. GLD is an investment (trade, perhaps more accurately). But the physical stuff is a hedge to me. It's there for when the Dollar is worth 20% less in one day... or the value of physical gold starts to completely separate from the listed price in the paper market (as we've seen happen in Argentina with the value of U.S. Dollars). Anyway, here are the support trend lines in gold, as I see it.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.