However, it is possible that we are at the beginning of a significant new bull market rally leg in gold from the 1180 bottom in June - if this is the case, we will have a great opportunity to open a long position following this correction.
There are a few signs that this could be case which we have discussed in our videos to subscribers recently. We are entering a seasonally strong period of the year for gold and the charts are looking far more constructive for the bulls than they were a month ago, though gold has had a very strong run and a period of consolidation would be healthy at this time.
For now, it is clear that the "Syria" effect has died down as both gold and oil have dropped back from their elevated levels earlier in the week - both are trading back where they were on Monday. However, this may be a temporary reprieve as tensions can flare up again at any time.
Equities have stabilised after the sharp selling at the start of the week and the dollar's rally may prove to be short-lived.
Today's video for subscribers looks at the the recent trading in more detail and our strategy for our next trade.