wallstreetexaminer.com / by Jesse Felder via The Felder Report /
August 17, 2016
I haven’t written anything about gold here since I noted that one of Paul Tudor Jones’ favorite indicators suggests the bear market in gold is over. While I still believe we have begun a new bull market for the precious metal, the technicals have me concerned about a short-term correction.
Gold is now running into a confluence of important resistance. The pair of trend lines on the chart below intersect right here right now. This intersection also lines up with the 38.2% Fibonacci retracement of the bear market decline from 2011 to 2015.
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