The sharp decline is finally over (for now). Banks will find another justification for price drop again when they take profit off weak hands. New Fed chief was a silly excuse but the market run with it. 50% of US GDP was transferred (not listed) to banks over 3 days. Paper Gold went as low as 4600 but no shops was willing to sell me physical gold for less than 5200.
The balloon bursting was expected when the price was pumped to 5600 within 2 days. Classic pump and dump.
5000 is now the minor support. If US holds 5000, we can expect gold to trade sideways at 5200 while gold miners drift upwards .
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