Gold Perspective
From a technical standpoint, we really should be taking a look at the 2-month or 3-month (Quarterly) charts to have a better perspective on the price of gold. Currently we are sitting at a level of resistance that has been rejected for the past 5-6 years. On a 2-month or 3-month chart, you'll notice where indicated by the red arrows, gold hasn't been able to close above the 1325 level since 2013 (just look at the wicks ;-).
So we'll basically have to wait until the end of February to see how this 2-month candle closes. If it closes above the 1325 level then in my opinion I think we're officially in the bull market and its time to buy and hold gold if you haven't already.
If price rejects that area and closes below 1325 then we may either consolidate within a range near those levels until we break out to the upside or go back to retest that major rising white trend line which has acted as support since 2007.
So we'll basically have to wait until the end of February to see how this 2-month candle closes. If it closes above the 1325 level then in my opinion I think we're officially in the bull market and its time to buy and hold gold if you haven't already.
If price rejects that area and closes below 1325 then we may either consolidate within a range near those levels until we break out to the upside or go back to retest that major rising white trend line which has acted as support since 2007.
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