The past few years have been hard on Gold, as it lost around a third of its value since 2011 highs.

The above chart looks at the Gold/US$ ratio. As you can see had an incredible run against the US$ for almost 10 years. Since 2011, the ratio has been falling inside of a uniform falling channel.

A big support test is around 1% below current levels for this ratio. If Gold is to experience a counter trend rally, it could take place very soon. If this ratio breaks through these potential support points, Gold's 4-year bear market looks to have more to go on the down side.