The XAU index lost most of it's bull market gains. During the last 8 years ( late 2000 to mid 2008) the xau climbed from a low of 41 to a high of 209 (~400%). Recently a major sharp and volatile decline took this index back to 63.5 (~70%). This is the worst decline since the 2000 bottom.
It is a fact that most of the bull market gains are gone , the XAU crashed through almost all the support levels and not much is left other then the late 2000 bottom (~41). In my opinion the first phase of the gold bull market is over , currently a bear market phase is underway. Its is possible that the bear phase might soon be over and a new multi year bull market advance should soon be underway.