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Weekly Gold chart is almost reaching oversold conditions. We could see a bounce this week; however I would not be surprised if Gold were to Test $1180 uptrend support line this month. Rather than playing to bearish gold position (JDST & DUST); I'll be waiting for the correction to be over to enter in to Gold Jr and Sr minor positions.
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Silver is also reaching oversold condition according to the weekly chart. There is no real clear support for silver. Going to be patient and wait to see where silver settles. Going to be adding a position in USLV. Last time Silver was near oversold conditions, USLV made almost 50 % gains off over oversold bounce.
Totally agree with your idea.There's nothing to stop the price going toward 1800$.Hope that it's strong enough to turn the price back up.
Here's my chart on GOLD
http://prntscr.com/ftrtld
In order to go to 1800 you would need a massive drop in the Dollar...... oh wait that is exactly what is expected. All the leaked data from banks and funds think the same thing, look at the news that comes out and compare it with what mainstream news says about the economy. Buying gold is going to be a smart choice, however; i doubt it will reach 1180, 1200 will be a better chance to buy, for a swing, then sell it back down on the reversal