He uses the 252-day moving average as a touchstone. Right not, it's at $1,110; that level, he recommends, would be a real buying opportunity for the metal.
To conclude - we know that the July-August timeframe has been a good time to buy gold in recent years. Given that in the coming weeks gold looks likely to touch, or come close to touching, its 252-day moving [average], which have proved such a consistent marker over the last ten years, I'd suggest that if gold falls another $50 or so from here, that could well mark an excellent buying opportunity for those who don't currently have, or those who want to add to, a position in gold. (And, by the way, somewhere just beneath the blue line might mark a sensible place for a stop).
Of course, it's possible that the bull market is over. I don't think it is, but that doesn't mean I'm right. I see $1,040 - the old high - as a big number for gold. If it falls beneath that, then we need to have a serious rethink.
There is that risk, and he is cognizant of it; he's no superbull.