AMEX:GLD   SPDR GOLD SHARES
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Monthly candle chart...

Although there were a number of indicators that led me to arrive at the conclusion that gold             has bottomed, I chose to keep the chart simple for the sake of clarity.

Gold             performed a perfect fibonacci retrace (golden ratio 61.8%). The support at precisely the 61.8% retrace was particularly eye-opening. That led me to chart the history of gold             retraces and I found that a pattern emerged, as you can see in 2008. A repeating pattern of retracements to the 61.8% level and stabalization at the 50% level prior to a fresh gold             bull market can be seen.

Furthermore, the monthly parabolic SAR has flipped to "bullish" for the first time since the gold             price highs back in 2011...yes that long ago.

On a fundamental note, the average all-in cost per ounce for gold             miners globally is currently around $1200, which served as a base to the decline.

Also, there are projection from Goldcorp, among others, that 2015 will see peak gold             production. In the long term, with new gold             production waning and demand holding or increasing, I can only see the price going up.

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