Long term gold - Down !Gold is currently sitting at major support right around 1153 with heavy price action and a COT that has not improved significantly. The COT clearly shows an absence of buyers for gold and too many long small speculators for silver. Gold is trapped between the dollar and interest rates. If the dollar falls further, the yield on the 10 year T-Note will rise just as it did Friday, July 10 in the afternoon. The only thing that will help gold at this point is new buyers coming in to push the price above 1189 and keep it there. Unfortunately, too many bulls are trapped at every level above 1200. Gold needs new buyers, new bulls and the lower it moves the longer it will take to recover. In conclusion, we need to see buying step up on rising open interest and volume. Unfortunately, at this moment it is more likely we will begin to see open interest fall off with even the slightest hint of a "Greek resolution." If you are trading futures, your best strategy is to be positioned short gold and silver here until such time as gold closes above 1189. Here you would cover your short position. In conclusion, there is no new bull market, cyclical bull market, for gold as long as the trend in US interest rates is up.