"January 9 (King World News) - Gold spot price (GOLDS-1,563.70) this year nearly achieved our target at 2,000, for a 96% advance from the breakout in 2009, no doubt getting a bit ahead of itself. The 20% decline to date may simply represent the initial stage of a consolidation phase, not unlike that which took place in 2008 (see Figure 20). The previous correction carried down 34% over seven months, peak to trough, and thereafter began to improve. A decline today of 34% could carry Gold to 1,270 which nearly equates to approximately a 50% Fibonacci retracement. Note that then, as now, the intermediate-term weekly momentum model was negative (red arrows) and declining until the setback came to an end."
[Pay attention to Louise Yamada.]