XAUUSD: Cycle comparison. 2,800 likely on the long-term.

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold's recent (substantial to say the truth) drop, got many traders and investors on the back foot and understandably so as most expected new stimulus to push the market higher without a correction.

We see a lot of similarities of the recent (2011 - today) Cycle with the previous one (1980 - 2011). After hitting the 1.1 Fibonacci extension , it pulled back to the yellow line and then continued the Bull Run towards the 1.6 Fibonacci extension . That shows that the current (and even slightly lower) levels are an excellent long term buy opportunity. The 1.6 Fibonacci extension goes as high as 2,800.

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