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XAUUSD: Gold broke the weekly downtrend speed line!

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Gold is acting quite bullish in the daily and weekly now, and we have different signals in higher timeframes as well. Potential upside is significant, but we need to see a few things happen next.
The most immediate one is breaking above the 1241.65 resistance, and holding there. After we do that, we'd need to go up to 1289.80 and test that level, break it and hold above it. That could initiate a massive uptrend, with upside over 1800 in the long term. That could in turn, evolve into a continuation of the long term advance in gold, which would have massive upside in the cards for us.

I'm holding speculative longs with a tight stop, and looking to get confirmation of higher timeframe signals. I'm long miners, CFDs and CEF. If and when we confirm the long term rally, we could be well positioned. But we'll also be ready and aware of what to look out for, to rule out the rally, and turn bearish on gold if needed.

Cheers,

Ivan Labrie.

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