Monthly chart of the World Gold Index going back to the lows in 2001. A fibonacci retracement is from the lows in 2001 to the peak in 2006. This projects a potential top / major resistance at the 423.6 fib level around $2275.
The white box is the range Gold has been in since the summer of 2011 and is consolidating before the next bull move towards the $2000 level. Short term, it is trading above the 200 dma which may indicate that the late December lows was the bottom of the downtrend.
The white box is the range Gold has been in since the summer of 2011 and is consolidating before the next bull move towards the $2000 level. Short term, it is trading above the 200 dma which may indicate that the late December lows was the bottom of the downtrend.
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