NEW YORK (Commodity Online): The Gold price crash after the peak of $1920 has been so severe and violent that it may have triggered a bearish reversal. Thus the gold bull run which spanned 12 years has finally come to an end, as per Wang Tao, a Reuters Technical analyst. The level of $1545 was very important in the sense that it was a 161.8% Fibonacci projection of Wave C of the bull cycle. Gold had a monthly closing above $1545 in July, after which prices shot up to $1920 in September. Gold prices had fallen from the peak of $1920 to around $1530. So, what lies ahead for gold? Wang Tao predicts that Gold will continue to retrace till $1447 and then rebound to $1700-$1800. After which, gold could start a long-term downtrend that could erase most of the gains it has made since August 1999 when the rally started from $251.

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