Gold - Still In A Downtrend

Today was another strong day for Gold but before you get too bullish on this metal I think we should look at the big picture. Above is a daily chart of GLD and as you can see I've outlined the basic swings. Notice how the Gold is making lower highs and lower lows which is the definition of a downtrend. Gold is also reaching a slightly overbought condition and is approaching an important trendline which may act as resistance. Even though I'd love to be bullish on this metal I will remain cautions because I still think the trend is down on a longer-term basis.