In our March 7, 2013 installment, we explained that gold is the best measure of the absolute value of fiat money. We also identified five structural factors which have driven US dollar weakness in absolute terms since 2002.
On March 19, we predicted that gold was due for a correction, within (what we presumed to be) a continuing long term movement in favor of gold. We promised to identify potential support levels for a long position. We also made a purely technical observation that the price wants to test support @ $1442.36, which is the 38.2% retracement of the long term bull wave from October 2008 to September 2011.
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