Mooncake
Short

Gold is in a long-term bearish trend

FX:XAUUSD   Gold/U.S. Dollar
Since 2011 Gold             is in a steady downtrend. The period from 2004-2011 appears to be a huge bubble and it's correcting down back to the mean value.

It seems Gold             behaves like the market cycle shown here:
http://www.ritholtz.com/blog/wp-content/uploads/2010/06/Psychology-of-Market-Cycles.jpg
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