Gold: Is the Recent 1388 Peak Important?

I posted some analysis recently on gold, showing several potential near and long-term targets based on linear and log scale charts: http://markettime-patterns.blogspot.com/2010/10/gold-potential-projections.html

Now that gold has recently peaked in the 1388 area, I thought I would do some analysis on that price point. Here's what I found:

• Range of Feb 2010 L to Jun 2010 H = Range of Jul 2010 L to Oct 2010 H @ 1388.
• Range of Feb 2010 L to Oct 2010 H @ 1388 is .618 x the range of the Oct 2008 L to Dec 2009 H.
• Range of Jan 1970 L ($35.00) to Jan 1980 H expanded by 61.8% = 1389 as shown in the chart.

I still think 1450 area may be important per my earlier analysis; however, this 1389 area looks just as important for different reasons.

Kim Rice 10/24/10