Has the gold price turned the corner?

Gold is in freefall, down over $700 from its 2011 high. But, says John C Burford, the charts suggest a major low is near. So is gold about to turn?

Gold is tanking. It's now down over $700 from its 2011 high. The most recent significant high was the $1,800 top last October, and now it has fallen by $600 to the $1,200 level in just nine months.

This daily chart shows the carnage:

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John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.