I have held gold for a couple of years now. My EOD system nicely caught the top in mid-April and switched back to buy on Thursday morning. This basically says, that given GC is still in a bull market, the market has pulled back enough to bounce and presumably eventually make new highs. If we have entered a bear market, then of course it will go lower, and my system eventually will adjust when the long-term trend turns bearish, but provided we are still in a bull market my system suggests the bottom could be in.
Bitcoin black, GLD blue When it comes to bitcoin correlation, sometime gold is, sometimes it isn't. My general perception is a strong bitcoin is negative for gold and vice versa. So after Friday night Moody announcement, bitcoin barely reacted, slightly negative but I wouldn't read anything into the reaction. Gold atm is the most bullish of all sectors and am expecting that to continue. Copper is creeping up more bullish as is rare earths. Nickel of all metals appears weakest atm. China has a stranglehold on Lithium as well as rare earths, also Nickel (Chinese run the Indonesian mines).
Sunday night gold futures reacting very strongly positive, also Bitcoin (106000 short term resistance).