by David Nichols:
"... Gold's monthly chart is telling a vastly different story than the one we're getting from gold on a day-to-day basis. Right now in the short-term it feels like gold is stuck in the dumps, or to put it more charitably, stuck in the doldrums. Gold can't maintain any sort of upside momentum, as it's been rare to even see gold go up 2 days in a row, much less 2 weeks in a row.
"In fact, it's been nearly 6 months -- 6 months! -- since gold has been able to string together two weeks in a row to the upside.
"But in spite of this, the monthly pattern is still in very good shape. On this longer time-frame gold is merely completing a typical consolidation triangle pattern, which is the standard reaction to a very strong trend. This is the energy from the big move up settling out of the market, as gold prices seek equilibrium following such a major event. ..."