The gold market has plunged initially during the trading session on Thursday, but it looks like the $4,800 level is in fact trying to hold things together. The $5,000 level continues to be very difficult to break above from a longer-term perspective. Ultimately, you have to look at this as a market that is simply trying to find its footing. Because of this, volatility would be expected to go forward. I do think $4,800 is very important because if we break down below there, then it is very likely that we test the 50-day EMA down at the $4,600 level, which quite frankly after the price action we have seen might be ... (full story)