From some years back I do remember a Sir Rambus quote, “Old necklines never die” – or something to that effect. The fact that $XAU gapped above the neckline extension, then gapped back below the same trend line is significant. One should carefully consider the hot trend line, the rejection at the 200 DMA, and the “abandoned baby.” Together these happenings seem oddly bearish when the fundamentals seem so very bullish.

$XAU – Daily