Here was a chart from February 2015 that gives the US dollar price of gold (ignore the blue Euro gold line for this one). There was quite a plain downtrend channel in US dollar priced gold. A break below the channel occurred late in 2014 taking gold to $1130. So it was a simple matter to add a line from there following the channel slope and take gold under 1100 at a later date:
That date has arrived on 20 July 2015, 46 years after Neil Armstrong stepped onto the Moon's surface and on this anniversary day, gold has plunged to $1080 in early hours trading in Asia. Could $1080 is another low in the series, $1180, $1130, $1080, (etc.) with $50 downmoves in the highs and lows that have been going on about every 6 months for ages now. (The highs have been $1434, $1393, $1347 and $1308. Maybe later this year could see a bounce to around $1260, then?
However, today's price action now puts gold well below the $1125 key hidden pivot level from Rick Ackerman's analysis that could take it as low as $817 in the future.
Of course, the $1080 drop could be a flush type move to trick speculators into going short and then flush them out., It will be interesting to see where the price settles but it has better settle above $1125!
Rick's $817 target but it comes from the ABCD pattern with A at $1800 Sept 2012, B at $1180 June 2013, C at $1434 Aug 2013 and D at $814 whenever. AB equals CD. The hidden pivot is point P halfway between C and D at $1124 in this case. $1124 support is crucial and has now broken down so the $814 target is in play.
This is Rick's hidden pivot and comes from the Trident Trading method if I am not mistaken.
I am not sure if such a target would be reached but things do not look good in any case.