Gold Futures weekly wave chart, 35 dollar wave (or reversal),...

Gold Futures weekly wave chart, 35 dollar wave (or reversal), volume numbers in 10,000's.

Taking a wider view, and looking at the weekly wave chart.  The recent acceleration higher on 807 contracts, followed by the low volume and relatively shallow pull back on 168 contracts (which also includes a little shakeout bar, if you look closely), suggests price maybe poised to accelerate up and make a challenge to the next level above @~1310.  It does need to get above the previous high @~1265 first though.   And I should also point out that this is a weekly wave chart, so everything moves in slow motion....so to speak.....and the daily chart does not look quite as strong just yet, so there might be a few more wiggles to come on that time frame (not shown) before anything really interesting happens.  But on this timeframe it sure looks quite positive......and thought I might point it out.