Gold 200 day Average of Interest at 1615

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Daily Bars

Prepared by Jamie Saettele, CMT

The 3 wave rally from the September low is viewed as a correction of the decline from the record high and should be completely retraced. A look at the long term picture reveals that gold remains above long term trendlines but some of those lines are well below the current level. Even a test of the trendline that has defined price since the summer 2010 lows would result in a test of the mid 1500s (52 week average in the vicinity). A drop similar in amplitude to the one that occurred in September would reach the low 1400s. If gold has entered a larger bear market, then price needs to stay below the September-November trendline. Confidence in the downside is increased as gold has broken trendline support.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Commodities

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