Here is an update of the line chart of April Gold once again that is showing closing prices only. One can see price broke below the 'closing' support of $1650 and continues to selloff. Next support is the $1550 area. Presently price is oversold and could easily bounce back from this level with the $1650 breakdown area acting as resistance. Price is presently fighting to stay above $1600. As long as it does hold above $1600 the Gold bulls will have hope. Bottom line is the same: Seasonal trends tend to see Gold top out in February and trade in a wide choppy sideways pattern into a summer low.