You know what's important today? Gold bounced off the 200 day moving average. The green line here, has now become support.
If we go higher from here till $1400/ounce, then we might be starting a whole new bull market in gold, like we saw in 2009.
Let's zoom in a bit.
And another thing, even though gold has corrected itself, the M1 money supply and the Fed custodials have kept going up, I expect gold to bounce right upwards in the near future.
Let's zoom in on the Fed custodial reserves. It is soaring. Remember, that bleep downwards is only because the U.S. government fudged the numbers with a new accounting method to create a new series of data points.