Gold is still in a long and mid term downtrend. It would have to break above the summer of high of $1430 to break the six month downtrend line – and a break below the recent low in the $1270 range would confirm the short, mid and long term downtrends. Last month there was huge liquidation in the most popular exchange traded fund – GLD. Outflows amounted to 34 tons bringing the total to 479 tons this year. This is not the action of a bull market.