Gold dropped over 45 points overnight hitting a level not seen since 2010.
A huge, scary drop like this is sure to make investors skittish. However, Monday is day 30 for the daily gold cycle. Gold is getting late in its timing band to print a daily cycle low. Even if gold were to drop further, it would likely be quickly reversed due to the impending new daily cycle that is expected to begin this week. And as discussed in the Weekend Report, the new daily cycle may also usher in a new intermediate cycle as well.