gold stuck in a downtrend

With gold currently trading 30% below its September 6, 2011 peak, today's chart provides some long-term perspective on this millennium's gold market.

As today's chart illustrates, the pace of the bull market in gold that began back in 2001 increased over time. In late 2012, however, the parabolic trend in gold prices came to an end and a new downtrend began in earnest.

While gold has traded in a flat/choppy manner over the past year, gold has just begun to pull back from resistance of its two-year downtrend channel.