I note several technical trendlines in play that indicate a probable low of $880-$890 in this downleg so it's possible we already hit the bottom at the $890 mark earlier this morning. Also bear in mind Gold recently bested it's multi-decade all-time high of $887.50 and it has held firm despite the best efforts of the Gold Cartel. My proprietary Gold cycle model also suggests this interpretation makes sense because this current cycle started late April and is projected to trend upwards for at least another month. So any idle chatter about heading much lower from here is nothing but hot air from the usual suspects. In light of the above, I think today represents a good short-covering opportunity because Gold smells close to or is already at a low, hence the timing of this morning's shakedown of ECU.