GOLD: Ignore The Bounce?

Gold caught a 20 point bounce this morning to around $1470/oz. While that's fine and dandy for those who bought gold near the top and are reeling from that pain trade, the reality is that gold remains in bearish formation. We have yet to re-short gold via the SPDR Gold Trust ETF (GLD) but we did re-short the Market Vectors Gold Miners ETF (GDX) last week. The precious metal remains down -13% year-to-date and we gather it'll drop back below $1400/oz sooner than later.

GOLD: Ignore The Bounce? - GLDGDX ytdchart