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Subject:  Re: Gold - Updated TA Date:  6/15/2012  8:48 PM
Author:  MDCigan Number:  41112 of 41568

FWIW, I'm starting to think the 06-07 is the most likely analogue to the current price action.

There was a peak in May 2006 of 730 and then a furious sell-off down to 540ish for about a 25% drop. That mid 500 level was tested extensively and then a slow drift upward until the breakoout in September 2007. So you had about a 15 month consolidation.

The peak of 1924 to the drop of 1524 is about a 21% decline so it is comparable along with the extensive testing of 1525-1535. Perhaps we've just started the slow drift upwards. A 15 month consolidation puts the next upleg at January 2013. Maybe a Obama reelection with mounting trillions in debt as the catalyst?
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