Gold about to erupt, page-46

The gut feel tells me there is continuation momentum with that symmetrical triangle breakout but the weekly candles tells me to beware hanging man, a potential second one in the making consecutively this week. Taking the context of the overall weekly trend, we are still at a crossroad between debating if this is indeed a big push off the low with the confluence trendline + resistance break in addition to a cup and handle formation with the handle in the maturing stages.

The technicals on different TF suggests $1191.77 level is the battleground that it MUST hold to make a new base before the next leg up. Currently because there are 2 moving parts in this equation, the other being AUDUSD, the current XAU/AUD move is further complicated by the IOP holding thereby give support to the AUD and since XAU/AUD is at very elevated levels, I think that move has risks of unwinding.

It does not appear to be so in the gold sector today so my focus has already been from day 1, only betting on the low cost low debt producers and not expect to make the bigger gains from an exponential margin expansion from those with not much margin starting point. Capital preservation foremost. I am conservative in a bear gold trend in the USD quote.