The Forgotten Market: A look at Gold

The relentless recent weakness in spot Gold from its Jan 22 high at $1307.40 into today's low at $1197.50 (-8.5%) is currently testing a key-support line off of the multi-year low established on Nov 6, 2014, at $1131.85.

My near-term pattern work indicates that in and around $1200-$1195, spot Gold should complete its Jan-Feb decline, and reverse to the upside into a secondary recovery rally towards $1380-$1400.

A sustained climb above $1212 is needed for my near-term work to trigger initial signals that the decline is over, and the anticipated upleg is beginning.

Only a failure to hold in and around $1200-$1195 followed by downside continuation that breaks the Jan 15 low at $1167.40 will invalidate my near-term outlook, and will point spot GOLD towards a retest of its multi-year Nov, 2014, low at $1131.85.