Gold Futures (U.S. $568)

Until this week, gold was making worthwhile progress in an intermediate term correction that began as it turned lower from its recent $575 area high in early February. This week we broke out above downtrending resistance on the weekly (intermediate term) chart, apparently heading for another challenge of the recent high.

The strong long term uptrend remains intact, but my math indicates that we are overbought. This would suggest that it might be difficult for now to get out of a $540 - 575 area trading range.