Bullish on Gold

• GLD is still clearly in an uptrend.
• MACD histogram slope is still positive
• Force index 13 EMA is positive and at support
• ADX is still indicating that the uptrend is still intact

• GLD completed reverse HSH pattern and is currently performing a backtest
• On 04-16-2010 SEC brought fraud charges against Goldman Sachs - causing the financial markets to tumble. You would expect Gold prices to rise on safe haven buying, however, the opposite occurred. Gold prices fell nearly 30 points in a heart beat but found support in the 1130 region
• Goldman Sachs Fraud - Hard to see how Goldman's difficulties lead to gold weakness

• GLD will run into GAP and overhead cloud resistance. The GAP will be key here.
• The short term outlook is negative because Gold needs to shake off the smackdown and fight back here through GAP. 

• The GDX:GLD ratio slope is rising - which is bullish for Gold