Gold at Critical Juncture

posted in: GLD, Gold | 0

After a $90/oz decline since late-January gold in US dollar terms is at a critical juncture:


Gold has retraced 50% of the entire rally from the November low – the lower 2-standard deviation Bollinger Band on the daily chart also happens to come in at $1219. This all adds up to an important test of confluence from which we should see some bounce in gold at least up to the ~$1240 area.