Gold Has Done This Only Twice

by Jordan Roy-Byrne
The Daily Gold

Gold is correcting a short-term overbought condition.

Gold surged nearly $300/oz in less than six weeks and almost touched its all-time high. It was a logical point from which a correction could begin.

This is only the third time in Gold’s history in which it corrected after reaching or approaching the previous all-time high.

In the spring of 1978, Gold rallied to within $5/oz of the previous all-time high. It rebounded 34% in the preceding six months. Gold then corrected by 12% over less than two months.

In 2009, Gold reached the 2008 all-time high of $1000/oz. It had surged some 42% in only four months. Gold then corrected by 15% in roughly two months.

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