Gold Overbought?

On the dutch site IEX Cees Smit had a worrying chart about the gold price: according to his twindicator the gold price has gone down too much below the twindicator support level.
There is so much uncertainty in the world and central banks are printing money in astronimical amounts and still the gold price seems vulnerable.
Several other commodity price charts suddenly have bad charts. They are probably overbought. There was too much speculation on hogher prices because of QE27 of the Fed, signs that economic growth in the world is accelerating and weakness of the dollar.
Because of all the Irish doom and the coming attacks on Spain the euro will be weak and the dollar will be strong as safe haven. That strength of the dollar should be negatie for the gold price and other commodity prices.
All the disasters of today didn't cause a spike in the gold price. That indicates gold and silver are overbought.
BCA is careful with gold, because the gold silver rate has fallen below 50 and now gold and silver are too expensive because of that.
Negative for gold is also that economists are writing less panicky about QE2, it will be not that inflationary (more stories to follow).

Still it is difficult to remain negative about the gold price for a longer period when real short interest rates are so much lower than 2% for an extended period as the Fed promises. The uncertainty about Spain is favourable for the gold price and the growing preference of many Emerging Markets for a bigger part gold in their currency reserves will help. But watching what the gold prices does now could be prudent.