Gold Uptrend Broken

An uptrend in gold stretching back over 18 months has been broken. 

On the 5-year view we see a longer uptrend still intact, at a much lower level.

We cannot say when, but we do know that eventually the price of gold will meet that lower line and drop below it.  That is the nature of all price cycles.  It may be at a lower price than now (very likely), or in a distant time at much higher prices than today, but the meeting will happen.

Currently the break of the shorter uptrend suggests lower prices ahead.  Readers of the TREND Technical Trader have been double-short gold since mid-July, when we cited the technicals and popular hype as reasons for gold to fall.  Now we cite another reason, this broken trendline and remain short until further notice.