Gold looking to retrace to 1885

Gold made a low of 1802 against my target a of 1805. Now I expect gold to retrace to 1880-85 range which correspnds to upper channel level of downtrend as well as the 0.5 retracement of the recent drop. However I do not believe the down move has run out of steam and a retest of 1765 is likely and a possible move lower. Having said that I will leave with some food for thought:

In November & December the government issued $505B worth of Treasury notes and bonds which was the largest 2-month issuance ever. The Fed “only” bought 1/3 of that which means Monetary policy is clearly becoming a funding tool for the government. If this is not textbook currency debasement then what is.