gold, page-20682

@V*
" or are you waiting for some other level to get bullish again?"
I think most time is spent waiting, yes, an excellent observation.

I currently hold a broad array of common stocks, some in mining (IGO, ORE, FMG), and even a recent buy of SAR - at far too high in the swing, of course, probably at the end of the swing....we'll see.
Most are in Health Care, followed by Banking (BEN!), Industrials etc.. Pretty conservative, even boring, very little discussion on HC (BAL gets all the discussion lately...a fortune could have been made by the very nimble yesterday after it re-quoted....I watched with tears in my eyes..not bold or nimble enough).

I've long maintained - without exception - that this would be a tradeable swing from the recent lows up to the immediate high of current resistance (1,199-1,205 ) a zone you and I and others have long discussed: old support has become new resistance - take it one swing at a time. I don't believe in "imminent explosive moves" up to $1,500 - heard it too many times, and wrong every time.

And that's exactly what many are doing. Where it goes from there depends on classic reversal signals of a change in momentum - (the trend is still very clearly down), but this is a tradable swing, in a range, based on a perceived change in momentum - quite different things (trend and momentum).
***In answer to your question, how it reacts to that level - if reached, and its not far off at $1,193 now - is critical (for me, anyway).

A classic Price Action reversal pattern would be a higher high, a pullback to a higher low, and then a second higher high confirming the pattern of a change in momentum to the bullish side (momentum, not trend...we discussed this all through 1H/2016, and the downtrend since 2011 never changed, never). Then one could consider planning a serious entry (on a pullback that test the new Support). A bit late, sure, but with the confidence (and premium price) that you pay for confirmation. No free lunch.

Until then this remains a simple (and eminently tradable) bull swing, no more, without any confirmation of a reversal. But to repeat, it's certainly tradable, and many are doing that (perhaps without knowing that's what they are doing, thinking it's a reversal).

Some claim it's a reversal. I don't have that level of confidence, and zero confirmation, not yet anyway. It's not warranted. (By way of example , I follow a biotech - the most widely watched in Oz, I know the founder for 30 years (but have no special info., indeed, have lost a lot of money) - which has fallen from $10 to $1. It's now $1.60, and people there (HC Forum) are saying this is a reversal (the "logic", such as it is, is that it's up 60% from the low - a good trade, sure, if you bought at $1, but to say it's a reversal, it's beyond a joke...90% shareholder value destruction but they'll hold on to whatever belief makes them feel better - in fact it's now retreating 4%, as I write). They've been seeing a reversal all the way down from $10....or even $5. Still, massive haircut after massive haircut. It's called bottom picking, or as @AverageJoe likes to (correctly) say, the cardinal sin of thinking you definitively know where price is going (of which top and bottom picking are symptoms). I don't know where price is going, and I've never met anyone who has (tho many claim they do know).

So that's why what happens at the gold price level above is so important.

Personally, I'm spending most of my time, honing long lost skills in Price Action Trading, in highly leveraged markets Forex and Commodities and Indices, for use either on CME ( or CFD's, in Australia). I find that stocks are far too constraining for a variety of reasons, and this is indeed where serious traders play, including many on HC and also on this Gold Forum, but I do want to remain invested in (conservative) holdings, until I'm ready to re-enter those highly predatory, shark-infested waters again. The Chart Reading Skills skills are much the same - the Trade and Risk Management etc. somewhat different.
Regards
wombat53