Falling Channel: When looking at the daily chart, you can see that gold (XAU/USD) price has been sliding in a falling channel since Oct. 2012. During this decline, the daily RSI reading has kissed 30, held under 60 for the most part, and now below 30. It is still held under 60, so the bearish momentum shown is still intact, but the market is consolidating. Rising trendline: Gold price is consolidating as it tests a rising trendline that comes off an ascending triangle that started around the beginning of May. It is also consolidating around the 200-day SMA. In the big picture, Gold has been directionless since the ... (full story)