via BNN.ca

Bearish appraisals continue for gold prices, and that the gold bull market is over. The technicals are defying any downside scenario, and bears are jumping on the overbought nature of daily prices.

Price rises are only 'short covering' which will blow out, since chinese buying has dwindled, and really can't be quantified. It would require a massive change in the world economy to drive gold prices:

http://watch.bnn.ca/#clip1070144

McGhee says price levels may not hold, but if they do, then this is a very important technical indication of a change in sentiment. McGhee caught out on the short side:

http://watch.bnn.ca/#clip1069644

The market held over the 200 day MA. Momentum is increasing in an overbought market in backwardation on a daily basis. No sign of a co-ordinated top comparing RSI and CCI as we saw in August, 2013. The ADX indicator is resembling similar indications during the previous upleg:

http://scharts.co/1jT9wgW

-F6