is the selling momentum running out of puff, page-4

No rally in XAU and HUI so gold has further to fall! Better to get it out of the way now than gin around for another month or two. $745 is 61.8fib for the last move and it would be nice to hold but I suspect we need to venture into the 670-690 area where there is strong support especially the 50% fib of the entire gold bull market. Technically gold could trade as low $580 where its 2001 bull market up trend line sits along with the 61.8 fib for the entire bull market as well as some price support. If that fails then the gold bull is dead! We need to see the XAU and HUI start to strengthen and create a divergence which would give an indication that the PM's were close to bottoming! Having said this, NCM is very close to its 61.8 fib for the entire bull market so needs to get some support and then rally from here! The old 3% rule would mean a close below 17.90 bearish for NCM.