"The “pop” in gold has been more of a base building consolidation. This of course warns that what will not rally strongly when the cycle turns up, goes down harder when the cycle turns back down. We achieved NO Yearly Sell Signals in gold so from a long-term perspective all is still well. Nevertheless, key resistance remains at the 1250 level and only a weekly closing back above that area will relieve the selling pressure. So the uptrend in gold is barely visible, and that is a major concern for the downside." http://armstrongeconomics.com/2015/01/06/treading-water/