A version of this chart and commentary first appeared on The Felder Report PREMIUM.

I haven’t written anything about gold here since I noted that one of Paul Tudor Jones’ favorite indicators suggests the bear market in gold is over. While I still believe we have begun a new bull market for the precious metal, the technicals have me concerned about a short-term correction.

Gold is now running into a confluence of important resistance. The pair of trend lines on the chart below intersect right here right now. This intersection also lines up with the 38.2% Fibonacci retracement of the bear market decline from 2011 to 2015.

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For these reasons, I wouldn’t be surprised to see a short-term correction in this nascent bull market. Longer-term, however, it’s hard to imagine a more bullish case for gold than the global growth of negative interest rates and massive money printing we are witnessing today. As Ray Dalio has said, “if you don’t own gold, you don’t know history or you don’t know the economics of it.”