The slide last Tuesday was closely related to the decline of March contracts in gold. Meanwhile, the bulls had to briefly give up the mark of 1,900 dollars and gold slipped even to the area of 1,887 dollars. There, however, the bulls took command on the same day and led gold back to the $1,920 area.

In order to confirm a swing low, gold would have to generate a new cyclical high. That means gold would have to break out above the $1,965 area. Until that happens, it remains speculation whether we have retraced a swing-low of relevance in gold. Gold can currently stabilize in the $1,920 area. Given the Fed’s announcement that it plans to aggressively raise interest rates, this is a strong sign.