Weekly Gold chart

Using Martin Prings Indicators on the weekly chart we can see that the KST is sitting on top at the ZLR. (zero line resistance) His Special K has a cross over,in his weekly blog he believes the price of Gold is going down,albeit after a short term (daily) counter trend move. I added his Inflation/deflation indicator and it seems to work very well with the longer term trend. The Full stochastics I set at 8,3,3 to run faster because of the weekly chart, it's in the oversold territory but we all know that's were drops can occur.(or turn arounds)

I used colored boxes to show the wave relationships to each other from an 'Harmonic Elliott wave' aspect. The classical Elliott wave would look different,especially if you were just looking at the chart and putting labels without counting all the sub waves and their Fibonacci pullbacks.
   The pullback so far has retraced to a smaller a-b wave in the small turquoise box. A/b waves have a 'natural' attraction to each other.I used dotted gray lines to mark the different support levels of the waves.
The "secondary" wave structures (turquoise boxes) was complete at the top of the green box. It may be hard to realize but the small green box is a part of the Larger 'Primary' wave count and is related to the Larger green box.
    Any drop below what I have marked as a Double bottom (blue dotted line under triangle) and you can see the support areas. Maybe that's were Harry Dent gets his Prediction of $700 oz. Gold price from. [smile]