This is the current state of play in Gold: {chart} The green trendline support is at 1950 on the daily chart. If we close below there, it’s either a fake breakdown, which would be bullish, or we’re down to lower levels. Alternatively, 1950 holds on a closing basis and we have a potential bottom in place. The RSI is neither positively divergent nor extreme oversold. Sentiment remains moderately bullish, which provides no help one way or the other. The COT data from last week shows that the Banks are still extremely short on a net basis and a long way from their positions at prior lows in price. {chart} The weekly ... (full story)