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This Millennium's Gold Market

Since gold is a decent barometer for investor sediment in recent years, here is an interesting chart from Chartoftheday.com.  Today, gold is trading below $1300.

Gold is currently trading 30% below its September 6, 2011 peak.  As you can see however it has been trading in some well-defined long term technical channels.  For the past year gold has been moving somewhat sideways since it bounced off support (green line) in early 2013 then bumping up against resistance (red line) early this year. 

It will be interesting to see if gold can test the resistance again and possibly break through.  However, if this chart holds true, gold could be trading near $1000 by the end of the year.