Roger writes: I’ve done a little analysis on Gold.

Gold has just touched on Fibonacci 76% retracement level. Could this be the current bottom in Gold?

Looking back to June 2006, there was a blow-off similar to what we are seeing.

Price rose from $540 to $725 in a very short period of time, only to retrace 100% of its previous gains. In doing so, it punched through the 200-day moving average. The 200 MA is currently around $1026. A punch-through could hit $1000.

Long at $1030 wouldn’t be all bad.

Have a Merry Christmas

Roger