It was the first week of August last year when we suggested to readers here that gold had probably reached the end of the rally that had buoyed it since the start of 2016. At the time, we were using a chart of the SPDR Gold Trust (symbol GLD) to identify resistance, but the signs of a reversal were visible on the futures charts too. Soon after our post, futures began a decline that retraced about 75% of the whole rally.

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