When discussing gold and commodities on CNBC last month, I said I expected gold to underperform commodities such as energy, base metals and agriculture for a period of time. While that scenario has played out and will likely continue to for a little while longer, gold bugs should be encouraged by how the precious metal has performed in recent weeks; while gold was quite overbought on a short-term basis a month ago, it has very quickly moved to a less overbought state while giving back only about 10% of its price as we speak. That's bull market action.
Now, this correction could go on awhile longer and I don't consider a downside target between $800-$850 to be out of the question, but we may only end up seeing a time (sideways) correction in gold much without much more downside in terms of price.
3-year chart of gold:
As you can see, a case could be made that gold recently looked...
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