Well...the good news is that gold saw our expected year end bottom, but the the bad news is that we didn't have our hoped for type 1 divergence that can create a robust price trend and the chart action since the December lows reflects this.
With the Federal Reserve continuing to beat a hawkish drum on the cost of money, this will continue to keep the price of gold from breaking above both the accelerated and primary lines of negative trendline resistance. But the good news there is that both junk bonds and closed end bond funds continue to see good inflows of capital investment, and this should eventually work its way through the financial system as liquidity finally becomes "excessive" which is gold's best friend.
Bottom line: the road traveled for the bulls should continue to be a bumpy one short term, but the path of least resistance, on an intermediate term basis, should continue to be a friendly one going into the second quarter of 2017.
Fib