Buy Gold part deux

I realize to the casual observer, last week's post "Buy Gold" seems pretty silly since for the moment, gold has topped out, and yes, I absolutely agree that the path of least resistance is down for now.

But my observation was from the vantage point of a very long term chart (monthly).

Here's a weekly:



Daily, which looks even more bearish to me:



The moral? I think gold could get down into the 700's, but at that point I believe it will be worth buying.