Sinclair's Gold IBD clone gave a simple sell signal today for traders, further compounded by selling of GLD as it hit the top of a major trading channel. So nothing to be concerned about. On the flipside of the coin it usually takes a little over a week to generate an IBD Clone buy and then Gold can have another go at channel resistance.

I don't expect much of a retrace by the time this brief consolidation point is over as large buyers will be back at the trough shortly, to add another step to the extremely bullish staircase pattern that has dominated Gold in recent weeks (see articles Sinclair & Trader Dan penned this week at jsmineset.com.)

Above all remember last month was a significant turning point for Gold when the key Monthly macd(12,26,9) crossed over to the plus side, turning Hedgie black boxes from net sellers of Gold to buyers over long periods of time going forward - at least til April 2010 by my count ( coincidentally(?) Armstrong's next major economic cycle turning point. ) The tail winds are squarely at our backs and Ole Yeller still has lots of life left in her.

ESL