Short-Term Bounce but Danger Looming "Below is Gold’s weekly line chart dating back to 2007. The metal has traded within in a slight descending channel for nearly two years. A break below such a channel would typically lead to an accelerated decline. If Gold makes a clear weekly close below $1150/oz then it could start to break lower in accelerated fashion towards $1080/oz, the 50% retracement of the entire bull market. Gold does not have strong support until the $1000 to $1040/oz range. Also, though Gold is extremely oversold in a long term sense, that is not the case from a near term view. A move below $1080/oz within the next seven weeks would bring Gold to an extreme near-term oversold condition." http://thedailygold.com/short-term-respite-but-danger-looming/