We should at least see the $1150 level, from there we can reassess, but new lows later this year would not surprise me, before this bear market is finally over......... This gives a $25 risk with potential $105 gain, or a 4:1 risk/reward. My stop loss is quite tight but this is based on Thursday and Friday’s price action, also there is the potential that the market could range here for a further 2-4 weeks before selling off, in that case I am happy to re-enter later. There is also the potential that I am completely wrong and we rally further. .................. However, from my current analysis which I outlined, I think the most likely scenario is that we test the $1230 area on Monday or Tuesday, this is where we had the quick rally from, after last Wednesday's Fed meeting. From there I think we drift down and test $1200, and if this key area breaks we could see $1150 quite quickly, testing $1150 by mid-April." http://www.321gold.com/editorials/hegarty/hegarty032216.html