Gold is a big story.

A sharp decline in Gold prices has been the big story in the last fortnight. Prices have fallen from 1700+ to 1570 and the intermediate trend has turned down. The impact of lower prices has been subdued in India, thanks to the sharp devaluation of the rupee. But prices have fallen.

In daily charts, Gold has been making a pattern of lower highs and lower lows – confirming a down trend. So far, this pattern continues, traders should stay away from buying.