Gold - Potential Rebound after Deep Correction

Despite the deep bearish correction that occurred in spot gold (a daily chart of which is shown) in the month of December, price action has begun what could turn out to be a significant rebound as of the beginning of 2010. This occurs within the context of an overall, continuing uptrend. The December bearish correction brought price down to a key 61.8% Fibonacci retracement level at around 1074 (the low-to-high retracement span being measured from the low on 10/2/2009 to the all-time high on 12/3/2009), before bouncing up off this support region. For more technical analysis on Gold,