Is Gold a Safe Haven from the Fiscal Cliff?

December 28th, 2012

by Chris Kimble

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Gold has had a great run for the past decade, and nothing at this time is reflecting that the run is over with. Fibonacci resistance did slow gold's strong rally back in 2010;Gold stopped on a dime when it hit the 261% extension level at (1) in the chart below.

The support line of the decade-long rising channel is being put to a big test at (2) right now.

The recent price action of Gold doesn't suggest that this precious metal commodity is a safe haven from the dangers of the fiscal cliff!

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