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Technical analysis tells us that the relative steepness of a trend-line is important; if we evaluate the up-move from October 2008, which followed a 34% decline, one could be inclined to ascertain that the rate of ascent was unsustainable. Gold prices from that trough later went on to $1922/oz – a 175% gain.
If we take the base of that trough, at around the $700/oz mark, and extend it both ways we find that it coincides with an earlier trough from the September 2008 lows of $380.
The fall of the gold price to the $1180/oz levels, and the subsequent bounce which validated the trend-line (three points were touched), technically put gold back in a short-lived bull market, defined by a price increase of 20%.