I go for a quick look at the current big picture of gold and what do I see? I see the critical EMA 18, noted here when I got concerned about how high ABOVE this moving average gold went, thus signaling an oncoming correction potential.The bull market was technically fine above this average that has held since its birth. Then, in Armageddon '08, everything came into question, including the relic. "Gold not about price, gold about value"... "gold not about price, gold about value"... "gold not about..."
Well, just for the record, the price is doing okay too, just as we know the 'value' proposition is. EMA 18, currently at 831, will act as support. Failing that would however bring on thoughts of a test of the long term trend line and the 50% retrace level. That was my downside target and I remain mindful that it has not been met.
Gold not about price, gold about value...
