Gold's B wave decline continues to unfold. So far this has been mostly a sideways correction. I kind of expect this to continue for two reasons.
First there is support at the 75 week moving average. That average has acted as strong support since 02 except during the correction into the 8/9 year cycle low this past October.
There is also the 1980 highs at $850 that should be powerful support.
Precious metals continue to be the only bull market still left standing. Interestingly enough in the extreme deflationary environment of the 30's gold was the only thing besides bonds that went up.
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