Long Term Gold Chart with Retracements

Jon Blogosphere, Gold, Market Commentary, Precious Metals

Our friend Lenny sent the patrons of the caf a long term gold chart that is quite interesting We have certainly been through the ups and downs of these markets together,
It shows the strong support at 1180, and the longer term trend line that works on a logarithmic chart.
I asked Len to include the retracement levels, because as I recalled there had been a prior big retracement earlier in this bull market, from 1030 to 681 that shook quite a few people out.
I was wondering how this current price decline compared.
Here is the chart. We can draw lines on charts all day. It is the action in the market, the push of supply against the pull of demand, that will set the true marks. But these days it seems we can only count on price discovery in the intermediate term.
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This post was published at Jesses Crossroads Cafe on 19 SEPTEMBER 2014.