The rise in the price of gold has been making the news this week. Is gold about to get out of its multi-year downtrend?
Today’s chart provides some long-term perspective on this millennium’s gold market.
As today’s chart illustrates, the pace of the bull market in gold that began back in 2001 increased over time. In 2011, however, the parabolic trend in gold prices came to an end and a new downtrend began.
Over the past 32-months, gold has traded within the confines of a mildly sloped downward trend channel and is currently testing resistance.
via Chart of the Day