Comment: $1,304 is the first 50% retracement target

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$1,304 is the first 50% retracement target

Based on decades of evidence for 50% retracement behavior in any market, gold was due for it's pull back to the half-way marks between past high's and low's.

While there is NO guarantee gold will bounce off of the following levels, it's a fairly safe bet to be a buyer at either one.

The 5 yr. hi and low of $1,900 + $709 = $2,609/2 - $1,304

The 10 yr hi and low of $1,900 + $333 = $2,233/2 = $1,116

http://www.kitco.com/charts/livegold.html

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