The easiest approach is usually the best! When gold and S&P kiss in that little oval 2200 will be easy pickens.
GC has gone absolutely apeshit from what I have seen for the last month (2 months?) when it hit it's high of like 2050 or something. Now it has been acting like RBOB. Flailing all over the place. Intraday 50 point swings? 100 point swings? Good grief!
Ya, imo, gold is held back a tad by strong Nasdaq etc, the money is flowing in that direction and starving gold somewhat. Gold has been flailing (nice descriptive word btw Overnight) but as we get closer to Christmas, gold historically has its own little Santa rally leading up to it. But as you say, just recently the wind has been taken outta gold, but that's trading life, goes on all the time, when the dumb money take their eye off the ball, its about then goals get kicked. I have two legs in two camps, when gold's not performing, other stocks are, that's the luxury of multiple simultaneous positions. A lot of my gold stocks are nanocaps, highly speculative so they are familiar with flailing, hehehe.
It is acting quite the odd bird now, ain't it. You were smart to get out if you started to feel uncomfortable with it. It's a monster when it wakes up and decides to not play nice.
You're instinct, and timing, couldn't have been more spot on. I'm still hopeful, though, that we're only about half way through this gold bull market.
Remaining bearish everything! (Although lithium seems to have a ray of hope, but wouldn't bank on it - there's trouble brewing.)