The chart below tells the story. I think gold is simply repeating what happened in 2008.


From this perspective, I think we're coming close to the conclusion of the retracement. I don't think we'll go past $1520; I think there will be many bids defending $1500-$1520.

I do think we will see more moves like this -- meaning more rallies that accelerate too quickly and then...

Here's the weekly chart -- I think a case can be made for support at this level.


Zooming in to the daily, we see some reversal candlestick patterns.


Here is an 8 hour chart, where it looks like a reversal base may be forming.

...

Well I've had some losing positions here, but I'm still pursuing the opportunity. After the rally in USDCAD yesterday, we got a bearish engulfing pattern right at resistance on the 4 hour chart. See below.


I got in a short position, and am looking to add more on a pullback and based on how the daily candle closes.

I believe it is an extremely worthwhile endeavor to map out your plan. Below is my plan for my stock portfolio, as well as the portfolio listed below; I'll be adding my plan for active forex trading shortly as well.

1. I'm willing to risk at least 50%, while looking for at least 5X return on overall portfolio.
2. Buy at support, or a massive sell-off. Focus accumulation of uranium miners employing ISR techniques, gold miners with unique properties, royalty gold stocks, and...

See the chart below.


I would expect it to find serious resistance at 57; I may swap slightly more out of gold and into silver if we can get there.