If we take a look at the history of gold movements during its two generational bull markets ,we can easily see that gold tends to make a major retracement in price before continuing upward and establishing new secular highs. In the mid-1970's, just before gold when onto breakout over $200/oz., gold corrected roughly 46% from its previous highs and in the process, completely backtested its previous breakout point.
What we can see now in the current gold bull market are its retracements with the latest being the most important as gold has not only retraced almost the exact same amount as the 1974-1976 correction, but it has also backtested from its most recent breakout point just as in the 1970's gold bull. Coincidence? I think not.. This is Major Wave 2 corrective bull market behavior and we could very well be on the cusp of starting Major Wave 3 higher soon.
For more exciting gold charts, commentary and forecasting, be sure to visit http://www.goldvybe.com
What we can see now in the current gold bull market are its retracements with the latest being the most important as gold has not only retraced almost the exact same amount as the 1974-1976 correction, but it has also backtested from its most recent breakout point just as in the 1970's gold bull. Coincidence? I think not.. This is Major Wave 2 corrective bull market behavior and we could very well be on the cusp of starting Major Wave 3 higher soon.
For more exciting gold charts, commentary and forecasting, be sure to visit http://www.goldvybe.com