It seems that gold puts on a rally of sorts at the end of the year. The big question always is “will it last?” It seems that this year it may not last but the action is still not all that bearish so there is hope that the down side will be short.

As for the normal long term indicators, gold remains comfortably above its positive sloping long term moving average line. The long term momentum indicator remains in its positive zone but is moving lower and has now moved below its negative sloping trigger line. As for the volume indicator, it has just dropped below its long term trigger line but the trigger remains in an upward slope. For those who love trend lines the volume indicator has also just dropped below a one year old up trend line. From a long term perspective gold price has been moving inside an up trending channel that is over two years old. The latest gold price is about at the mid point of the channel so it has some distance before it breaches either the upper resistance or the lower support trend lines.

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