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Gold prices continue pullback

Chart shows gold's three-year bull run may be at an end, as prices sink to $250 off their August 2011 peak, according to website www.chartoftheday.com. See the trend in prices since 2000 depicted in the chart above. 

Chart of the Day
Wednesday, March 28, 2012
Wednesday, March 28, 2012

With gold more than $250 off its August 2011 peak, today’s chart provides some long-term perspective in regards to the gold market. Today’s chart provides an illustration of the bull market in gold that began back in 2001. As today’s chart illustrates, the pace of the 11-year bull market has increased over time. However, over the past seven months the price of an ounce of the shiny metal has declined more than at any point since 2008. This latest pullback has brought gold down to support (green line) for a second test of its three-year accelerated trend channel. So while the upward trend in gold is still intact, the accelerated trend is once again being tested.

This is an excerpt from Chart of the Day as it appeared on March 28, 2012. For updates or to read the current version of this post in its entirety, please click here.

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