Not a good time to buy gold. Europe and China are collapsing down and the markets are fleeing to the dollar, which has held the Wall Street stocks high. Oil prices are way down @ 70% and have been falling for the last year and gold prices should have followed the wrest of commodities going down in price. The stronger dollar masks a gold price that should be down below $700/ounce instead of @ $1,100. Waiting for gold to drop below $800 and than once down to that level will wait to see if the test low goes to $600.
I think that's wrong headed-thinking, but by all means go for it, if that's what you believe - it's your money.