There is a clear and steep down trend in gold; it would be a great time for a retracement (and long due). This might quite well be occurring, and the continuous rise in momentum may be a sign of that. However, close to the 1215.00 there is a quite nefarious resistance region that may hamper any bull effort. Still, there is room for growth until the resistance crosses the channel; this would imply that the current price block (in a blue rectangle) is broken upwards - which is a distinct possibility, as that level has not been sufficiently tested.
Depending on your faith on the continuation of the current up move, a long trade (at least) until the yellow circle might be in order (and may even be likely). The long term prospect is however quite grim and the down move is due to continue, based on a purely technical perspective.
Depending on your faith on the continuation of the current up move, a long trade (at least) until the yellow circle might be in order (and may even be likely). The long term prospect is however quite grim and the down move is due to continue, based on a purely technical perspective.