Chart of the Day - Gold more than quintuples over the past decade

Gold to exceed $1400, or maybe to $1600? I've seen a credible projection to $1600, and for Fibonacci reasons I do like somewhat over $1400 ($1440 would be about perfect I think!). Many people are taking note and even Terry Laundry - who's bullish gold until the year 2020 with his T Theory(Tm) - has it in blowoff watch mode (though he gives it until early/mid-November to top out for this cycle). Now the folks at Chart of the Day are showing it too, with a resistance line that may agree with these topping ideas. I can't speak for what they expect afterward .... For myself, I'm noodling with the idea that it's close to finishing a "wave 5" that might produce a large pullback, before it's ready to buy again for the longer term bull market. Perhaps such a fifth wave would hit that upper channel line, or maybe a parallel line a bit higher that more directly touches on the prior peak - so, either $1400 area or $1600 area. Of course, a pullback might get suport in the range of $1000 so I'm not going to guarantee it'll retest levels like $680 again. Meantime, let's see what the folks at Chart of the Day are showing:

Chart of the Day - Gold more than quintuples over the past decade
Today's chart provides some long-term perspective in regards to the gold market. As today's chart illustrates, gold has been in a strong bull market since 2001. The pace of that upward trend increased beginning in mid-2005. Following the financial crisis of late 2008, gold surged once again. Currently, gold is making new rally highs and has more than quintupled during its nearly ten-year bull market. As today's chart illustrates, however, gold is approaching resistance (red line) of its accelerated trend channel.

Notes:
- Does the gold rally continue or is the party over? The answer may surprise you. Find out now with the exclusive & highly regarded charts of Chart of the Day Plus.

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Quote of the Day
"As fewer and fewer people have confidence in paper as a store of value, the price of gold will continue to rise." - Jerome F. Smith

Events of the Day
October 24, 2010 - United Nations Day

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