Aug Gold has been bouncing off its Dec/11 low support for weeks and has now ran up to the 3 month downtrendline which is also the April low breakdown point resistance. Only clearing $1616 that holds would suggest this downtrend is over and a reversal back up has begun. Note the RSI 21 bumping up against the 50 line resistance as well. Historically the June/July time frame sees a major low point of the year and can even double bottom again in August. Meanwhile resistance is resistance and "IF" Gold is about to be the early bird this year and run up from here it must clear and hold above $1616 with the August contract.