Professor Elam

Gold dropped about $54 in Friday trading, more than that intra day. What would be a reasonable support level for this the only bull market around?  

• Fibonacci re tracements suggest $1,000 as a first level. 
• The last breakout was above $1,000, it failed twice and took a full two years to get over the $1,000 hump.
• MACD is seriously overbought on this weekly chart.
• Even the 50 week MA is below $1,000. 

Therefore $1,000 as the old top and resistance level should be proven to be the new bottom or support level. At least that is what the technicals suggest.