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Gold Pulls Back and Bounces at 38% Retracement Level

Gold (a daily chart of which is shown) as of Thursday (3/17/2011) has pulled back and stalled/bounced around the 38.2% Fibonacci retracement of the last major bullish run (from the 1308 support base to the new 1445 area all-time high hit in early March). This 38% retracement level resides just under the key 1400 level. For more gold technical analysis, please click here.

James Chen, CTA, CMT