GOLD CHARTS: KEY WEEK IN GOLD COMING UP!
Next week is the one-year anniversary of the last significant short-term lift in Gold prices in 2012 before the start of Gold's 3 month meltdown into May lows.
During this period Gold lost 15% of its value in the GLD ETF, from the late February high of just over $174 to the May low around $148.45.
It took from May 2012 until October 2012 to recover these gains. And since touching $174 again in the GLD in October 2012, Gold has been in an orderly price oscillation down to now around the 160 level.
Some bears are calling for Gold to trade even lower, into the GLD $155 price area before staging a significant price turnaround. These Gold bears are apparently looking at, among other things, last spring's price weakness, banking on similar price action this year, and also banking on no international financial or geopolitical upsets occurring this spring that might move gold higher in the interim.
Gold bulls are apparently expecting longer term trend lines and supports to hold this season, and a rally to potentially spark from this current wedge forming in gold prices the last month or so from trading.
This week and next may help settle the business, and from what price levels key Presidential Cycle (4 year) and Regime Change Cycle (8 year) cyclical price support forecast coming as early as July this year may launch from.