Will Gold test $600 support ?

The new Fed chairman, Ben Bernanke brought over a thunderstorm to the world stock market. His conversation had always been misunderstood by the audience. In his last speech he revealed that interest rate will increase further in June. This hurts the market as the rate now is already in a critical level to control inflation rate. It has to be done very carefully otherwise the econmony will suffer.

Stock, forex, commodity market all drop more than 10% in 2 weeks time. Gold continues to drop, making a day low $605 and rebounded $10 at the beginning of the US morning session. Now trading at $615.

Historically Gold bull run normally last for 14 years. The current one is running for the 7th year, which a big correction is expected. $600 could be broken, but it doesn't affect the long term uptrend. Personally I think $580-$600 would be a good bet to wait for the next rise.