If you remember correctly, I predicted at the start of the year that Gold will fly into the 1500s before retreating to the bearish market. Many times in the past few months did Gold seemed that it would start a new bullish trend, but alas it keeps adjusting itself to the same area.
I was studying some past charts on yellow metal. I noticed something similar to the ongoing chart, albeit on a different time frame, you will see. During the techboom era, you can see that Gold formed a nice rounded bottom before zooming up. The price was tagging the (monthly) EMA 12 with a rounded bottom all along before spiking sharply higher into the next bull run.
Look the weekly chart below:
I propose that the EMA 12 tagging will go on for the next few weeks. The breakout could be confirmed when the price crosses $1350, and then to ~ $1550. I will be happy to sit out this churn and chop before that.A double bottoms is in place. If you take a position now (aggressive investor!), have your stop below that W low.