Richard Russell - Gold Will Break to New All-Time Highs

The 150-day moving average currently is at $1492.  In other words, a drop to that level today would still mean the decade-long bull market in gold is still intact.  Of course, the moving average will move higher going forward (since gold has had a strong upward move over the last 150 days), so support levels will rise over time.  The take away message is corrections are healthy for bull markets, allowing prices to consolidate in an orderly manner.  It also builds a base from which the next leg up can materialize. 

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