Gold almost hit the first target in the quarterly timeframe here. If it doesn't go back under this quarter's open it may keep rallying. Upside target #1 is not far, 1615.28, but it could go higher until Q2 2021 at least, reaching prices between 2094 and 2714.
The technical pattern that formed while #Gold was under accumulation is called an 'explosion pattern'. This type of trend signal tends to hit targets #2 or #3 at times, so, at the very least it would imply breaking the all time high is possible, before going back down or sideways for a long time again. Note the RgMov proprietary trend analysis indicator is signaling a breakout of all time high values, ahead of price, and acting very strong, this is a good indication of the path of least resistance for #Gold.
I bought back metals and miners yesterday, after the dip slowed down, I intend to let these positions run while the trend remains valid, else I would take on a moderate loss if this quarter's range is erased. Otherwise, prospect is very good in the long run for both #GDXJ and #XAUUSD. #XAGUSD is probably bullish as well, but I was a bit worried by the #XAUXAG ratio lately. Although if the trend in stocks grinds to a halt, the ratio is likely to reverse back down.
Cheers,
Ivan Labrie.