Is it all doom and gloom for Gold Bugs, or are we going to get a recovery this week?

I thought I would go onto a new topic and leave ES alone for a few days.

Like most traders, I have kept a close eye on Gold and have been amazed at the speed and depth of the fall.  I am reading everywhere that price will get below the magic $1000 very soon.

I remember a couple of years ago reading about gold hitting $2500 or even $4000, just before the fall from $1900.  So I am guessing that this gloom talk is actually being perpetrated by the Smart Money (SM), in order to get their hands on to the shiny stuff as the uninformed are panic selling.

Anyway, over the last 3 days, we have had low volatility with Gold, and it looks like low volume accumulation to me. So once the SM have bought enough of the shiny metal, they will mark up the price before ordinary traders are aware, and catch the short holders out cold, triggering their stop loss.

I am attaching a 50 tick Range chart, showing a corrective down move, in this down trend, which could mean possible accumulation.  It could also be possible distribution before the next leg of the down move. But my money is on a large up move, beginning this week.

The reason for this is that we have seen limit sell orders holding down price. If this was distribution, then the SM would not need to use this ploy. Instead it is being used to fool the unwary into selling more. I have also seen an increase in volume towards the end of today, so we may get some action as soon as tomorrow.