From Gold Scents:

It seems like most analysts and gold bugs are now assuming that the reversal on December 29 marked the bottom of gold's D-Wave decline. It's certainly possible that we saw a bottom two weeks ago, but it's still too early to make that assumption. Gold and most assets are about to be severely tested. How gold handles that test will be a big clue as to whether or not the correction is over.

What many analysts are overlooking is the impending daily and intermediate cycle correction that is coming due in the stock market. When the stock market moves down into a cycle low, especially an intermediate cycle low, it generates a tremendous amount of selling pressure. Invariably, that selling pressure bleeds into virtually every other asset class... even gold, as you can see in the chart below. Over the last two years, there were only two daily cycle corrections in the stock market where gold was unaffected (I've marked them with green arrows).

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