The last time Gold aligned the medium-long term structure in buy was November 2002, with the notorious breakout of the very strong resistance level of the weekly/monthly timeframes, placed in area 280 – 330 dollars, perfectly pullbacked in March 2003, a movement that gave a start to one of the most exciting, impulsive and rewarding long-term rally on Gold!!!
A movement that culminated in reaching new highs in 2011/2012 in the area of 1750-1900 dollars, and then, after a distribution phase that lasted till spring 2013, a severe correction of the medium-long term uptrend began, arriving to repeatedly test the key support levels from 2015 till today, always with buyers pushing up prices in a timely manner.
However, there has been an area that, at least so far, seems really difficult to break through: it is the daily/weekly resistance level (control box) at about 1360-1435 dollars, the one seen in May 2013 and never regained in the last 6 years.
Without a break through this area, there will be no chance for Gold to resume the long-term bullish trend interrupted in 2011-2012.
Instead, the area of 1230-1280 dollars is the important support level, its breakout will lead to a new bearish impulse.