Weekly chart shows Gold currently trading at the lower line of a down trend channel that began in 2011, and that Gold has recently poked below that line. From here, Gold must either push decisively below the trend channel and cascade lower, or rally back inside the trend channel, opening the door to a move up to at least the mid channel lines around 1250. I favour the latter, bullish, scenario, and that the rally has already begun. Why? Let's zoom in and see.
Daily chart gives us two indications that Gold could have bottomed and is beginning to rally. MACD has crossed bullishly at oversold levels, and RSI is rallying out of oversold levels. Both these signals also accompanied lows in March and July.
Hourly chart gives us a third indication that Gold's trend has turned up. 5 waves up is the impulsive building block of an up trend. 5 waves up on the hourly is only a very small building block, but given the market's position on the weekly chart and the indications on the daily chart, I'm watching for this 5 waves up to be the first of many in coming months. Let's see.