December gold futures this week hit a two-month low and also fell below the last “reaction low” (the August low of $1,874.20) in what was a near-term price uptrend that had been in place since March , to negate it. Now, prices are in a six-week-old downtrend on the daily bar chart. While the technical news for gold is grim on a near-term (daily chart) basis, the longer-term (weekly chart) technical posture remains friendly as prices are still in a two-year-old uptrend. On the weekly continuation chart for nearby Comex gold futures, prices would have to drop below $1,700 to produce serious longer-term chart damage, including negating the uptrend on the weekly chart. Stay tuned!– Jim