Gold had peaked in August 2011 and has been drifting down ever since. Even though there were a few times that gold had popped up but it fell even more to the down side afterward.
Look at GLD, the ETF fund, the high was $180 a share in August 2011 and now it is sitting at around $133 a share as of June 7. A decline of about 26% during this 22 month period.
One may ask if this is a good time to buy gold (GLD). My answer is "not yet, not right now". I will not buy GLD until the closing price reaches above the 50 day moving average.