Baires,
Mr. Saettelle's chart lays out the competing forces well. On the hand, there is a post-2011 downtrend that is still in play. The upper boundary of that downtrend is around $1365 +/- $5. On the other hand, there is a post-December 2015 uptrend that is also in play and is presently running through the downtrend. The upper boundary of the uptrend intersected the upper boundary of the downtrend at the end of June/beginning of July at around $1388. The lower boundard of the uptrend will intersect the upper boundary of the downtrend around mid-December 2016 at around $1347.
Since July 11th, the downtrend has repelled the price of gold, which ordinarily would be disappointing. But, something curious is shaping up. A bull flag (as Oscar Carboni noted) is forming. The bull flag has around a $70 flagpole. A punch out above the bull flag could then mean a $70 move upward, i.e., well through $1400.
I'm not saying that it's off to the races after that, but it sure would be nice for gold to get above that post-2011 downtrend!
With best regards.
Old School
