Sadly, my gold trade did not hit the target of $1105 mentioned in my post of November 16th, but after reaching $1088, promptly reverse and hit my stop. I should have re-set my stop to break-even to avoid a loss, but I didn't.
I have stayed out for the last week, expecting a reversal, but instead saw the metal break long-term support of $1080, reverse at $1064, and now find $1080 as resistance.
A re-examination of the chart shows a clear descending triangle, which is 5th out of 23 in success in Bulkowksi, 2005:711-729 as shown below.
Now is maybe not the best time to enter, as the pattern allows for a possible $5 bounce before resuming it's downward trend. But on the other hand, the trend is very strong. I have therefore placed a trade at market
Size : 5 units
Entry : $1068
Stop Loss : $1076 (above the descending line)
Target : $1032
The target is difficult, as the instrument is at 7-year lows and so we are into uncharted (no pun intended) territory. I have taken the March 2008 top of $1032 as support, the last time it did something major, shall we say a $500 round trip.
Gold 2006-2010. Source tradingview.com
I have added a line for the current price, and the case for this level of support is instantly made, visually.
The price/action in February 2010, and the round point show a possible pause in decline at $1050, and this would be a good point to take, say, half the position off and move the stop loss to break even.
 Bulkowksi, T., Encyclopaedia of Chart Patterns, 2005, Wiley