In this weekly price chart for paper gold (each bar = 1 week), the arrow on the left indicates a major supply level.

Ordinarily, when price reaches such a well defined level (which represents outstanding sell orders at that price) then you usually get a sharp fall when the price reaches that level next time.

The thing is, we didn't see a massive movement when price hit it last week, and this week everything is moving sideways so far.

In terms of direction, it's too early to tell, but it does indicate that there is a lot more pressure on the buy side of things to support the current price, so whilst it may take a while to breach that supply level, it looks like that's what will happen.

There is another BIG supply level above (indicated by the two big spikes that hit the highest prices) - so it may be that price is being allowed to reach that level before reversing direction, but the circumstances in the world are very different now and there are a lot more buys than sellers in the gold market these days (Russia/China/India).

Something to keep any eye on at least. It's hard to say what will be the early warning indicator of the financial collapse being imminent, but it's usually accompanied by a flight into gold. We'll see.

edit: my screencap missed some info, but the price drop after hitting that level was about $23, i.e. eff all.