This Past Week in Gold
GLD - on sell signal.
SLV - on sell signal.
GDX - on sell signal.
XGD.TO - on sell signal.
CEF - on sell signal.
The weekly gold chart has now turned bearish for the first time since 2002, therefore, until reversed again, the major trend is down and the bears are in charge.
Same chart with prices on.
During a bullish config, the 200ema provides support which it did during the 2008 correction. But prices are now well below the 200ema which provides resistance during a bearish config.
Long term - on major sell signal since Mar 2012.
Short term - on sell signals.
Gold sector cycle - down as of 11/08.