Gold bulls got trapped around the 6-year high of 1,500 and the 61.8% Fibonacci of the long downleg from 1,796 to 1,046 after gaining more than 3.5% last week. Technically, the market could soften in the short-term as the RSI and the Stochastics seem to be slowing down in the overbought territory. The flattening Tenkan-sen and the stable Kijun-sen are also an indication that the market could trade more cautiously in the short-term. Yet the higher highs and the higher lows over the last year and a price well above simple moving averages (SMA) and the Ichimoku cloud suggest that the upward pattern may stay for longer ... (full story)