The price of gold has tracked the rapid expansion of money supply throughout history, both in the United States and globally. As M2 continues its long-term parabolic growth, so will gold.
Gold bounced off the 50% correction line after last week’s plunge. The metal’s next move will either strengthen the bullish reversal or signify a continuation of the 10-month bear market.
Gold put in a double bottom at the key support level of $1,680, and is now experiencing some bullish action to the upside. Did gold finally turn around?