Gold is in a downtrend. If you look at the chart you will see the double top with multiple red divergence paints showing before it rolled over. Now it’s flashing divergence in the trend and set for a rebound. The news in Egypt should put a temporary psychological kick in the price too. Longer term the events in Egypt could be remarkably bullish for emerging markets. A friendly Arab democracy would be quite wonderful along the lines of the falling of the Berlin Wall. Who’s going to pick up that tab though? The Chinese?