Friday, September 20, 2013

Gold's Long Term Trend Is Still Down

Gold's monthly chart is still very negative.  Prices broke their multi-year uptrend earlier this year and fell to the 50% Fib level from the long rally.  However, the recent move higher uses the Fib fan trend lines as resistance, indicating the bounce is a technical one.  Also note the declining momentum and weak CMF readings.

Prices are going lower.