After almost dropping by half once hitting a high of $1,900, gold went into a triangle pattern for years. The 0.382 played a role in the prevention of higher prices. Now that the pattern has been broken, perhaps we might see consolidation between the 0.618 and 0.5 which has provided support in the recent rejection of $1,550. if we see a break below the 0.5 level we should expect the 0.382 to hold as a support if the trend is to reverse and reclaim the all time high. The 0.786 is the measured move target of the triangle.