I am not that confident Melua. While I look for a bounce off...

I am not that confident Melua. While I look for a bounce off support, I am not counting on it until I see it, and know that if we get it, it may be short lived.
I have only been game to do 1 day trade so far today because we are below the 4240 support.
We need to close well off our low today for support to hold, and for now I think we are a chance to do it, but I will not buy and hold anything non gold until I am more comfortable that a base is building over the next few days.
That the gold price outperformed last night (down around 1.2% from this time yesterday) despite greatly outperforming recently, looks bullish for gold.
I am very bullish on gold, but bearish medium to long term US and European markets;mildly positive medium term/positive long term Asian markets; Neutral to mildly positive on our market medium term.
Asia is taking all the growth away from the Western world and their balance sheets are in good order thanks to lessons learned during the Asian crises.
Lucky for us Asias growth is more of an influence for us long term, and while our private debt is high, thankfully our public debt is very low.
As I said Asia will be impacted by Western economy weakness so the equation is complicated.
I'm not going to pretend I know what's going to happen, but this is all an educated guess.
I don't have the same GFC lows target short term for overseas markets (but can easily see it longer term) and I don't think ours will go that low at all, but for now I'm not counting on anything other than a higher gold price medium and long term and an outperforming gold price short term.