As we know, history tends to rhyme. It’s never the same, but when you zoom out, the bigger picture often looks very similar. What does it mean for gold? Short-term implications With gold’s back-and-forth price action mirroring its behavior from 2012, the yellow metal is likely destined for devaluation. Back then, gold zigzagged with anxiety before suffering a material drawdown. In fact, in early October 2012, it moved slightly above the initial highs right before sliding. Moreover, while the yellow metal has bounced above its declining resistance line (the black line below), the price action mirrors gold’s behavior ... (full story)